EMERGENCE AND IMPACT OF UPI IN INDIA: A study on behavioural dimensions in adoption of UPI

Abstract

From the barter system of exchanging goods to the use of currency, mankind has evolved significantly. With further development of technology and the internet, our lives have become easier than ever, from ordering food online to paying bills in a single click, digital payments have played a very crucial role. Also, the application of technology has grown significantly in just a few decades, particularly with the increased use of smart phones. It sparked a huge increase in cashless transactions in the mobile payment sector. The astonishing change is especially prevalent in developing nations with large economies, like India. The Indian government launched the Digital India programme in 2015, following the general trend. The effort has significantly aided the nation's economic expansion. The development of cashless transactions, however, was greatly aided by the Covid-19 and demonetization phases, and since then, online transactions have risen dramatically. In this study, we will look at the development of UPI as a payment method, how people have reacted to it, present challenges, and the future of UPI as a digital payment method. This study intends to determine consumer perception of mobile payment experience specific to UPI mode. By comparing consumer data on gender, age, and occupation, this study concludes with characteristics associated with awareness and adoption of UPI. This study will help us in understanding UPI and its contribution in fast, cashless transactions that affect consumers. According to the study's findings, consumers in the service sector are more inclined to embrace UPI, there are no differences between male and female consumers' attitudes towards doing so and there is no difference in the adoption attitude between younger and older population.