A Study on the Growth Trend of UPI Transactions in India
Author : Suprada Jain M and Prashanth Jain HV
Abstract :
The Unified Payments Interface (UPI) has emerged as a revolutionary digital payment system in India, significantly transforming the country’s financial landscape. Introduced by the National Payments Corporation of India (NPCI) in 2016, UPI enables instant, secure, and interoperable fund transfers through mobile devices. This study aims to analyse the growth trend of UPI transactions in India using secondary data collected from reliable sources such as NPCI reports, Reserve Bank of India publications, and industry reports. The study focuses on examining the year-wise and recent monthly growth in terms of transaction volume and value. The analysis reveals a remarkable and consistent increase in UPI transactions, indicating widespread acceptance among individuals, merchants, and businesses. Factors such as increased smartphone penetration, improved internet connectivity, government initiatives promoting digital payments, and ease of use have contributed significantly to UPI’s rapid adoption. The findings highlight that UPI has become the dominant mode of digital payment in India, accounting for a major share of total digital transactions. The study concludes that UPI plays a crucial role in promoting a cashless economy and strengthening financial inclusion. The paper also provides insights into the future potential of UPI as a key driver of India’s digital financial ecosystem.
Keywords :
Unified Payments Interface (UPI), Digital Payments, Transaction Volume, Transaction Value, Cashless Economy, India.
