A Study on Acceptance of UPI as a Digital Payment System

Digital Payment in India has got tremendous growth after the Demonetization in the year 2016.The Government of India has taken an in initiative of "Digital India" for the quick and transparent services in India.The Banking sector has also strived hard to popularize digital payments and gained momentum response of public.For digital payment "National Payment Corporation of India (NPCI)" has launched the "Unified Payment Interface (UPI)", which is a cost-effective, revamped and amazing payment system for all.UPI is potentially innovative way for transferring fund using a virtual payment address established by NPCI.Moreover, being a mobile based payment system it was expected to have a significant growth, but not as per the expectations has received yet.A large part of the population can be brought under the scope of digital economy with the help of UPI.The present study used a structured questionnaire to know the wellness and popularity of UPI and other digital payments among the common people in India.The study concludes that people in India are becoming aware of digital payment system and use UPI Apps as they opined these Apps user-friendly and secured one.The study shows that the Google Pay and Phone Pe are mostly used by people in India for fund transfer.Looking towards the future, UPI is expected to continue its growth trajectory, with increased adoption, innovation, and international expansion.