REVOLUTIONIZING TRANSACTIONS: UPI’S DOMINANCE IN DIGITAL PAYMENTS

Abstract

The Unified Payments Interface (UPI) is a   leading digital payment platform in   India that has revolutionized the way people make payments. UPI, which was introduced in 2016 by the National Payment Corporation of India (NPCI), is a mobile application that enables instant peer-to-peer (P2P) transactions between bank accounts. The UPI has revolutionized the digital payments landscape in India by providing an instantaneous transfer option that is both safe and convenient. This paper aims to examine the factors that have contributed to its growth and identify steps that can be taken to further increase its use. Despite its popularity, UPI transactions still have room for growth. Many Indians are still hesitant to use UPI as their primary mode of payment, despite the numerous advantages it offers, such as speed, convenience, and affordability. This approach investigates methods for increasing UPI transactions, such as raising user awareness and education, providing incentives for usage, and improving the user experience. UPI has the potential to achieve its full potential and become a leading payment platform worldwide if it addresses the obstacles. This paper expects to examine the development of UPI and comprehend the elements that have added to its prosperity. It also aims to investigate the impact of UPI on the Indian economy, particularly in terms of digitalization and financial inclusion.

Key words: Unified Payments Interface, UPI transactions, digital payments, India, mobile payments, financial inclusion, Government initiatives, Digitalization, financial institutions