Page 157 - IMDR JOURNAL 2023-24

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

of the Reserve Bank of India. The real-time transaction processing that utilises mobile platforms to transfer
money across bank accounts with only a single, two-click verification step is what sets UPI apart.

Digital programme in India have undergone a revolution with the introduction of the Unified Payment
Interface (UPI), a real-time digital payment system. Our payment methods for products and services have

changed significantly. One such example of this is UPI, which has grown significantly over the years. In May

2023 alone, 9.41 billion transactions totalling INR 14.89 lakh crore ($181 billion) were handled. This is a 58%
increase in transaction volume year over year to almost 3,600 transactions per second. In fact, with 48.6 billion

real-time payment transactions performed in 2021, India topped the world according to a study released by
ACI Worldwide in 2022. The goal of the problem statement is to solve the issue of difficulties consumers

encounter when utilising UPI.

Unified Payment Interface (UPI) achieved immense reach in India ranging from small scale vendors,
housekeepers, auto rickshaw drivers, cobblers and many households to high-net-worth individuals adopting

this technology due to its user friendliness and convenience.

Problem Statement:

Though UPI is reaching Indian & International masses by the speed of light, certain challenges while using
are obstructing its real potential growth. The goal of the problem statement is to solve the issue of difficulties

consumers encounter when utilising UPI.

Research Objectives:

 To explore the role of UPI in Viksit Bharat.

 To study about the challenges faced by users while using UPI.

 To provide suggestions to work on the existing challenges.
 To understand the presence of UPI overseas.

Literature Review:

In thier study report from 2022, Sonal Aditya Jain and Dr. Navin Mukesh Punjabi examined the difficulties
customers have while choosing digital payments and how this affects use. Issues such as infrastructure and

technology that may result in increased taxation are taken into account. They discovered that a large number
of Indians do not use digital payment methods, and that technological advancements have no effect on the

uptake and use of these methods. Bose Kuhu (2014) This study examines students' awareness of UPI payments.
Additionally, they examined the degree of satisfaction and preference for the UPI system. Their results

demonstrate that consumers view unified payment interface services favourably. The use of UPI has increased

thanks to the mobile revolution, which has decreased corruption levels globally and, in the nation, specifically.