Growth of Digital Payment in Indian Economy: An Analysis of UPI (Unified Payment Interface) Growth and Issues
Author : Kaushik Das and Manas Ranjan Nayak
Abstract :
There was a dramatic changes taken place in settlement system after demonetization of Indian economy on 8th Nov., 2016. Online settlement system become more popular rather than offline for its flexibility in operation in the real time. UPI introduced on 11th April 2016 by National Payments Corporation of India (NPCI) become a vital part in the online settlement system. Unified Payment Interface is a mobile centric, real time interbank payment system has a potential for universalized digital payment in India. Customer awareness become essential for both operational & security function. The unauthorized transactions number and volume also become significant due to its security pitfalls. This study will estimate the growth and trend of UPI transactions in the future through statistical methods. For this study secondary data have collected from the National Payments Corporation of India. This study also emphasis on the different issues and perspective remedies in the UPI transactions. For this analysis secondary data have collected from different journals, newspapers and websites.
Keywords :
National Payments Corporation of India (NPCI), Unified Payment Interface (UPI), Digital payment.
