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INTERNATIONAL JOURNAL OF SCIENTIFIC DEVELOPMENT AND RESEARCH International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2455-2631 | Impact factor: 8.15 | ESTD Year: 2016 open access , Peer-reviewed, and Refereed Journals, Impact factor 8.15 |
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| Paper Title: | United Payments Interface : Growth Trends and Future Prospects |
| Authors Name: | Aditya Bagla |
| Unique Id: | IJSDR2308044 |
| Published In: | Volume 8 Issue 8, August-2023 |
| Abstract: | UPI (Unified Payments Interface) has emerged as a technological revolution in the fin-tech industry, changing the way in which people deal with money. This research paper presents a comprehensive review of the UPI ecosystem, aiming to understand its impact on various stakeholders and its broader implications for the economy. The paper begins by highlighting the history of UPI and its growth over the years. It examines the benefits and challenges faced by consumers, merchants, and financial institutions, shedding light on factors such as transaction costs, convenience, security, and financial inclusion. Next, it places emphasis on the fact that UPI has become more handy for people, and they prefer it to cash. The most important of all is the false perception of people in terms of trade volumes and the value of UPI. Although UPI may have a big share in the number of transactions, its share in terms of value is very small as compared to its volume. The paper places special emphasis on this fact and provides a detailed explanation for it. The trends in UPI depict an upward curve over the past few years and are expected to grow in the coming years. Finally, the paper discusses the emerging trends and future prospectus for UPI. It examines the evolving landscape of API-based services, including peer-to-peer payments, merchant payments, bill payments, and financial products. Overall, this research paper contributes to our understanding of the transformative impact of UPI on financial inclusion and digital payment adoption. The findings provide valuable insights for policymakers, financial institutions, and other stakeholders in designing strategies to leverage UPI's potential and address the existing challenges to ensure inclusive and secure digital financial ecosystems. |
| Keywords: | Fin-tech, United Payments Interface , peer-to-peer , payments |
| Cite Article: | "United Payments Interface : Growth Trends and Future Prospects", International Journal of Science & Engineering Development Research (www.ijsdr.org), ISSN:2455-2631, Vol.8, Issue 8, page no.318 - 331, August-2023, Available :http://www.ijsdr.org/papers/IJSDR2308044.pdf |
| Downloads: | 000338721 |
| Publication Details: | Published Paper ID: IJSDR2308044 Registration ID:208132 Published In: Volume 8 Issue 8, August-2023 DOI (Digital Object Identifier): Page No: 318 - 331 Publisher: IJSDR | www.ijsdr.org ISSN Number: 2455-2631 |
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