A Study on UPI Transactions in India

Abstract

The Unified Payment Interface (UPI) platform has been in use in India since 2016. The main implication of UPI is that it is helping people in multiple ways. It is not only supporting financial literacy but also contributing to financial inclusion and the economic development of the poor. Cashless payments have the potential to spur economic growth, and digital payments can have a positive impact on economic growth as they facilitate transactions, reduce costs, and improve efficiency. This study will explore the Unified Payment Interface (UPI) Ecosystem in India. It will study the trends and relationship between data usage trend, digital transactions, digital payments, and number of internet users in India. The study also highlights the usage of UPI during the years 2020, 2021, and 2022.Policymakers can use the findings of this study to frame policy for UPI more effectively in the future.