Prospects of Unified Payments Interface (UPI) Systems on Business & Digital Payments Across India- A Review Analysis

Abstract

The Unified Payment Interface (UPI) platform has grown as a highly sophisticated = mobile-based payment system in recent times, offering substantial benefits to users and banks in India. The primary objective of UPI is to provide widespread accessibility, optimal performance, user-friendly experience, and clear visibility to its users. Despite the appealing characteristics and the substantial increase in internet and smartphone usage, the number of UPI users has not exhibited the anticipated level of development. In order to thoroughly analyse the issue, it is essential to understand the elements that impact the adoption, usage, and intention to suggest of UPI by current consumers. The popularity of UPI payments in India has recently surged due to their convenience and robust security features. This study analyses the development of payment systems in India and provides a comprehensive examination of the technology used in the Unified Payment Interface. The focus is on the architecture and security systems of the interface, which are explored through a review of empirical and theoretical literature. The UPI system represents a notable improvement over the existing payment system in terms of cost, user-friendliness, settlement speed, and security. It has been widely accepted by users. The modular API-based architecture of this system will facilitate the creation of inventive solutions for both consumers and companies. Currently, UPI is in its early stages of growth, and the creation of UPI solutions that focus on merchants will significantly enhance user acceptance. The Unified Payments Interface (UPI) has the potential to significantly increase the number of people participating in the digital economy and can serve as an effective means of promoting financial inclusion in India.