An Overview of India's Unified Payments Interface (UPI): Benefits, Challenges, and Opportunities

Authors

  • Dr. A. Shaji George Masters IT Solutions, Chennai, Tamil Nadu, India
  • A. S. Hovan George Student, Tbilisi State Medical University, Tbilisi, Georgia
  • Dr. T. Baskar Professor, Department of Physics, Shree Sathyam College of Engineering and Technology, Sankari Taluk, Tamil Nadu, India
  • A. S. Gabrio Martin Masters IT Solutions, Chennai, Tamil Nadu, India

DOI:

https://doi.org/10.5281/zenodo.7723154

Keywords:

UPI India, digital payments in India, online payments in India, unified payment interface, mobile payment system India, digital payment apps in India, mobile banking India, low-cost payments

Abstract

The Unified Payments Interface (UPI)[1] in India is a new kind of payment system that lets people send money quickly and safely. It is a single platform that enables people to make payments, receive payments, and pay bills. UPI has revolutionized how people make payments in India by making it simpler and faster. The UPI system also provides numerous benefits, such as convenience, safety, cost-effectiveness, and more. But the implementation of UPI has some problems, such as users not knowing enough about the system and security problems. Despite these challenges, UPI has immense potential to be a game-changer in the Indian digital payment space. It can open up new opportunities for businesses to reach customers efficiently. This article will provide an overview of India's Unified Payments Interface (UPI), its benefits, challenges & opportunities for businesses in India.

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Published

2023-03-31

How to Cite

Dr. A. Shaji George, A. S. Hovan George, Dr. T. Baskar, & A. S. Gabrio Martin. (2023). An Overview of India’s Unified Payments Interface (UPI): Benefits, Challenges, and Opportunities. Partners Universal International Research Journal, 2(1), 16–23. https://doi.org/10.5281/zenodo.7723154

Issue

Vol. 2 No. 1 (2023): PUIRJ

Section

Articles