Page 158 - IMDR JOURNAL 2023-24

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

Paying modest bills with UPI is becoming more and more common. In their research paper, G Sankararaman,
S. Suresh, and T.C. Thomas (2023) examined the purpose of using UPI, ascertained usage frequency and

transaction volume, comprehended the issues respondents encountered with UPI and the duration of time it
took to address them, and recommended actions for enhancing UPI. They concluded that in addition to

stepping up cyber security, more has to be done to promote UPI use across the country. Chaure Shruti (2023)
This study examines how customers in Pune District perceive, accept, and use UPI. Chaure Shruti (2023) This

study examines how customers in Pune District perceive, accept, and use UPI. This study offers helpful

suggestions for enhancing the user experience and advancing UPI adoption in Pune District. It also assists in
identifying the variables that affect UPI adaptation, comprehending the advantages that clients perceive, and

resolving the difficulties encountered by users. In their study report from 2023, Akshaya Kumar Sahu,

Dasarathi Sahu, and Debananda Patra examined UPI's role in the digital payment ecosystem, examined its
internationalisation, and conducted a comparative analysis of the UPI performance of public and private sector

banks. The study concluded that the influence of Covid-19 has affected the Beneficiary Banks with regard to
Business Decline %. They also found that the purpose of the UPI is to make cash transfers as easy and rapid

as possible. S.V. Muralidhara, Mahesh. A, Murali. M G (2013) This paper studies the UPI system and other
payment modes, consumer perception towards digital payment applications. It analyses the factors that

influence the use of various digital payment modes and compares UPI to other payment modes.

Research Methodology:

The research conducted consists of both primary and secondary data. The primary data is collected from a

diverse population which uses UPI. We have collected the primary data through a survey. The collected data
analyses challenges faced by the users of UPI. Whereas the secondary data throws light on impact of UPI on

Viksit Bharat and how India's very own UPI is influencing other countries.

Data analysis:

 Primary Data:

As per the survey conducted, it shows that most of the people use Unified Payment Interface (UPI) which

proves the popularity of UPI among users. Hence depicting its importance in today’s time and in Viksit Bharat.
As per the survey conducted the findings show that majority of UPI users use google pay phone pay, BHIM

or a combination of all together whereas Paytm, Apple pay, Payzapp & Amazon

Pay are less likely preferred by UPI users while some do not use UPI apps. This response signifies that one

user has more than 1 UPI payment app showing consumer dependency on digital payment and the arising fear
of transaction failure from 1 app, hence the need for multiple UPI apps as a backup.