A study on Customer awareness and perception towards Unified Payment Interface (UPI) service providers in India with reference to Hyderabad.

Abstract

Digital payments have evolved in to a multi-modal experience. Unified Payment interface (UPI) in India has seen a dramatic rise as government of India has promoted digital payments to achieve the objective of financial inclusion hence promoting new technologies for digital payments. There is a tremendous growth of UPI since its inception until May19,the number of banks live in UPI in India is 143 and volume is 1,52,449.29 cr. The growth is possible because of increase in mobile penetration, awareness, ease of use, 24/7 usability, security and real time transfer. UPI is managed by National Payment Corporation of India (NPCI) an umbrella under RBI. UPI works on P2P technology platform which makes it unique and convenient as compared to other payment interfaces like mobile wallet, NEFT etc as it requires only a mobile application to be installed and should be linked to a bank account. Lastly there is still a challenge of customer awareness, security and other issues to be addressed in order to achieve healthy growth.

Keywords: UPI, RBI, Financial Inclusion, P2P, Customer awareness.