Technology has revolutionized the way transactions are carried out in economies across the world. India too has witnessed the introduction of numerous modes of electronic payment in the past couple of decades, including e-banking services, National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS) and most recently the Unified Payments Interface (UPI). While other payment mechanisms have witnessed a gradual and consistent increase in the volume of transactions, UPI has witnessed an exponential increase in usage and is almost on par with pre-existing technologies in the volume of transactions. This study aims to employ a modified Lotka-Volterra (LV) equations (also known as the Predator-Prey Model) to study the competition among different payment mechanisms. The market share of each platform is estimated using the LV equations and combined with the estimates of the total market size obtained using the Auto-Regressive Integrated Moving Average (ARIMA) technique. The result of the model predicts that UPI will eventually overtake the conventional digital payment mechanism in terms of market share as well as volume. Thus, the model indicates a scenario where both payment mechanisms would coexist with UPI being the dominant (or more preferred) mode of payment.

The Internet of Things (IoT) has gained immense popularity over the last decade with wide-ranging applications in domains of medicine, science, military as well as domestic use. Despite its tremendous growth, privacy concerns plague IoT applications and have the potential to hamper the benefits derived from its usage. This paper carries out a statistical analysis of empirical data collected from users of IoT to assess the level of awareness among users of IoT. The mode of study was through a questionnaire sent through Google forms to a selection of Indians living across the U.S. The place was chosen as some of the authors were in that country and also because its usage is more in the U.S. Many homes have extensive use of IoT, even if it’s for simple operations like turning on/off electric bulbs. Privacy issues have also been a matter of concern as these devices are linked to the internet. The sample was chosen from judgment /convenience sampling. Only one member per family was asked to respond so that there is no overlap of the collected data. The respondents were asked about the privacy issues of using IOT devices and also if it bothered them to continue usage. The results showed that not only were users aware of the privacy issues related to IoT, but they also expressed concerns over the same. Due to the convenience and ease of usage, it is highly unlikely that people will stop using these devices but definitely, the usage will be more guarded in the future.