Volume 18, No. 6, 2021

Unified Payment Interface (UPI)A Critical Review Of Benefits And Challenges Of Advanced Payment Systems

Dr. Hemanta Saikia , Mishel Elizabeth Jacob


The Unified Payment Interface (UPI) is a mobile-first, real-time interbank payment system with the potential to transform and universalize digital payments in India. This paper examines the evolution of payment systems in India. In depth the technology underlying the Unified Payment Interface with a focus on through empirical and theoretical literature, its architecture and security systems review. When compared to existing payment methods, UPI is a significant advancement system in terms of cost, consumer ease of use, settlement times, security and has seen a high rate of user adoption. Its API-based modular architecture will allow for the creation of novel solutions for consumers and businesses. UPI is still in its early stages and merchant-centric applications are being developed. UPI solutions will significantly increase user adoption. UPI can assist in bringing a large portion of the population within the purview of the digital economy; this is a fantastic tool for increasing financial inclusion. It was observed that respondents face numerous challenges when conducting cashless transactions, including a lack of security, poor network connectivity, lack of digital awareness, illiteracy issues and difficulties making small payments, and so on. Furthermore, there is a lack of knowledge about the most recent digital payment methods.

Pages: 4386-4391

Keywords: Mobile Payments, Real Time Payments, Unified Payment Interface, Digital Payments

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