V3I3P36

A Study on the UPI Revolution: A Game Changer in India’s Digital Financial Ecosystem

Thirumalai M^1*, Dr. Abirami R²

Abstract

India’s financial technology has undergone massive changes since the introduction of Unified Payment Interface (UPI). National Payments Corporation of India launched (NPCI) the UPI in 2016 with a goal of enabling mobile devices to make digital payments using real-time software, by linking multiple bank accounts to one platform. UPI has transformed how consumers, businesses, and organisations transact over the last few years.

UPI allows consumers to send funds via mobile phone or internet connection without needing to provide their bank account or credit card information. With increased smartphone usage, inexpensive access to the internet and government programs such as Digital India and financial inclusion, UPI has quickly become the foundation for India’s digital payment infrastructure.

UPI has seen very rapid growth as it processes billions of transactions each month and is now the most popular method of making retail digital payments in India. By streamlining payment processes, UPI has been integral in encouraging financial inclusion, increasing transparency, and creating greater economic efficiency.

This study will investigate how UPI has changed India’s digital financial system, as well as the effect that UPI has had on businesses and customers, and the contribution UPI has made to the growth of the Digital Economy.

Keywords:

Unified Payments Interface (UPI); Digital Payments; Financial Technology (FinTech); Financial Inclusion; Digital Economy