A RESEARCH PAPER ON “UNIFIED PAYMENTS INTERFACE: EMERGENCE, GROWTH AND WHERE IT IS HEADED”
DOI:
https://doi.org/10.29121/shodhkosh.v5.i6.2024.2103Keywords:
Unified Payment Interface, Digital Payment, Financial Literacy, National Payments Corporation of IndiaAbstract [English]
The world is moving at a fast pace. Every day, great discoveries and inventions are being done to make living easier and more transparent. In the year 2016, the government of India also made a step forward in moving towards a transparent and advanced mechanism of making transactions by launching a Unified Payments Interface- UPI. This research covered the origination of the digital payments mechanism and how it paved the way forward for the emergence of the Unified Payments Interface. With the help of charts and bars, the graphical representation of the performance of UPI since its establishment is also shown, and how much it affects the economy along with the scopes that should be looked forward to in the future.
In a country with a 1.43 billion population, it requires an excellent level of digital and financial literacy of the country’s people to implement such innovative payment modes.
This is a major challenge that UPI still has to overcome, but this cannot cover the huge success journey it has made so far.
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Copyright (c) 2024 Dr. Monika Shrimali, Dr. Swati Agrawal, Dr. Leena Jagawat, Dr. Vaibhav Patil
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