Page 156 - IMDR JOURNAL 2023-24

IMDR’s Journal of Management Development & Research 2023-24

Empowering Viksit Bharat through Digital Payments: Exploring the Role of UPI & A

Roadmap for Addressing UPI Hurdles in Digital Payments

Shambhavi Raghuvanshi* and Shreya Shewale**

*Student, Department of Management, Institute of Management Development and Research, Pune,

Maharashtra, India (E-mail: shambhavisraghuvanshi@gmail.com)

**Student, Department of Management, Institute of Management Development and Research, Pune,

Maharashtra, India (E-mail: shreyashewale44@gmail.com)

Abstract:

The unified payment interface (UPI) is the USP of India in today’s time for the digital payment world but that

does not mean that it is free from faults. This study aims to gain insight into the challenges faced by users

while using UPI and also gather certain suggestions that can be included to improve UPI. It also helps enlighten
regarding the existing achievements of UPI which also signifies its role in the Indian economy. This paper also

aims to showcase the international presence of UPI which helps us understand the value it adds to the Indian
economy.

The findings contribute towards development of UPI which will result it to be a competent system in the

market in terms of digital payments. We can also understand that how UPI’s contribution can help in achieving
Viksit Bharat.

Key words: UPI, Economy, System, Digital payments

Introduction:

Before the National Payments Corporation of India (NPCI) made it possible for interbank transactions to be

completed using mobile applications, transferring money between banks required a time-consuming
procedure. Users may rapidly transfer money using a mobile device over this RBI-regulated interface, known

as UPI (full form: UPI stands for Unified Payment Interface). Doing UPI transactions from the comfort of
your home has become simpler thanks to mobile payment apps like Paytm.

The Unified Payments Interface (UPI)in a lay man term is a mechanism through which a person can make

payments easily. But to define it in proper terms Unified Payments Interface (UPI)is a combinations of many
banking services specially transferring funds and merchant payments through the use an application on your

mobile phones.

The programme was created by the National Payment Corporation of India (NPCI) to enable previously

impossible interbank peer-to-peer and person-to-merchant transactions. This interface is under the sole control