FINANCIAL ANALYSIS OF UPI ADOPTION PATTERNS IN INDIA

Abstract

This research examines the awareness and use of the Unified Payments Interface (UPI) electronic payment system among population. One of the most popular FinTech products in India is UPI, which facilitates merchant and peer-to-peer (P2P) transactions. This segment is known to be one of the earliest adopters of technology. The research examines how they use UPI and what drives their experience. The study population embraced UPI extensively, as can be seen from the findings, with the majority of respondents employing it extensively. Advertisements, word of mouth through friends and relatives, and social media have now emerged as the primary sources through which people get information about UPI. For UPI transactions, Paytm and Google Pay were the most preferred choices. Even though some consumers faced issues such as failed transactions, delayed processing, and security issues, as a whole, consumers believed that UPI was an easier interface compared to other electronic payment channels. Consumers continued to overwhelmingly favor UPI in spite of issues. On a scale of 1 to 5, UPI suggestions were mostly between 2 and 4, indicative of mixed feelings. This stresses the importance of solving customer problems in order to improve satisfaction and drive stronger recommendations. The study offers valuable insights for practitioners who are working towards promoting the use of UPI and improving its user experience. Recommended steps include were to develop targeted campaigns to minimize errors and failed transactions. In order to ensure smooth transactions, pay extra attention to server capacity and app stability. Promote secure user action and implement additional security features. Customer service and the user interface took centre stage: speed up customer service and usability test.