IMPACT OF THE UNIFIED PAYMENT INTERPHASE (UPI) ON AUTO TELLER MACHINES (ATMs)

Abstract

Unified Payments Interface (UPI) has transformed the nation's payment system in a variety of other ways, ultimately spurring economic growth. Life has gotten simpler after UPI was introduced. Everyone now accepts UPI, from cab drivers to valet parking, mall access to toll payments, electricity bills to LPG booking. Even our favourite snack corners accept UPI payments, which may seem unbelievable. This research paper examines the impact of the Unified Payments Interface (UPI) on Auto Teller Machines (ATMs). The UPI is a mobile-based payment system that allows users to transfer funds between bank accounts instantly. The paper analyzes the effects of the increased adoption of UPI on the usage of ATMs and the transaction volume processed through them. The study also explores the changing preferences of consumers towards digital payments and their impact on the ATM industry. The results of the study suggest that the growing popularity of UPI has led to a decline in the usage of ATMs, with consumers preferring the convenience and accessibility of digital payments. The research highlights the need for the ATM industry to adapt to changing consumer preferences and integrate with digital payment systems to remain relevant in the future. Overall, this study provides insights into the evolving landscape of digital payments in India and the impact on traditional banking channels like ATMs.