Page 160 - IMDR JOURNAL 2023-24

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

 It is also observed that problems such as compatibility issues, long refund process, limited customer
support, internet issues, and security concerns are also frequently faced challenges hampering the user

experience.

Secondary Data:

 Achievements of UPI contributing towards Viksit Bharat.

According to Mr. Dilip Asbe, the managing director of the National Payments Corporation of India, which is
in charge of the platform, 40% of all payments made in India today are made digitally. According to Mr. Asbe,

the system has expanded quickly and is currently utilized by 50 million businesses and over 300 million
individuals. Nearly 50% of all transactions, even the smallest ones, are classed as micropayments or little ones,

such as Rs 10 for a cup of milk tea or Rs 200 for a bag of fresh veggies. That represents a dramatic change in

the long-established cash-driven economy. Regarding the resilience of the electronic payment system, G20
Sherpa Mr. Amitabh Kant stated that the government has successfully reconciled privacy concerns with

innovation. "We asserted that the individual owns the data and has the right to provide consent for each
transaction they engage in," the man stated. The foundational elements of the digital infrastructure, such as

bank accounts, mobile applications, and identity numbers, have facilitated the provision of services even in

industries that have not yet embraced digital payments, such as Kerala's fishing sector. India has a fantastic
digital payment history. The goal is now to reach 100 billion transactions. A week ago, the NPCI stated that

10 billion transactions had occurred using UPI in August. UPI has bolstered merchants and small enterprises
alike. They are now presenting their case to banks in order to get financing, as they have enough transaction

data.

India’s digital public infrastructure and UPI were shown on a global scale during the G20 meeting. Foreign
participants attending the G20 Summit could make payments using UPI services from India without requiring

a local bank account. The purpose of this action was to demonstrate the ease of use and accessibility of digital
in India. At the official introduction of UPI during India's Republic Day celebration in Paris, France, the

famous Eiffel Tower has been present.

Since the launch, UPI has helped the economy save about INR 5.5 lakh crore, or $67.07 billion. This sum,

which is noteworthy, demonstrates how UPI has affected the Indian economy. In 2022, UPI recorded an
astounding 74.05 billion transactions with a total value of ₹126 trillion. Germany’s Federal Minister for

Digital and Transport, Volker Wissing, praised India's digital payment model highly after using UPI to make

a payment in India and expressing his "great fascination" with the experience.

 Presence of UPI overseas

In terms of UPI adoption, Bhutan has implemented UPI-specific QR codes, while Nepal became the first nation

outside of India to do so. Remittances to India using UPI were permitted by Malaysia's Merchantrade Asia. In