Page 161 - IMDR JOURNAL 2023-24

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

order to connect PayNow and UPI in Singapore, RBI has also partnered with the central bank of Singapore.
This would allow customers to instantly transfer money between bank accounts in Singapore and India. The

European relationship is one of many that the National Payments Corporation of India's (NPCI) foreign section
is forming to expand its payments system worldwide. NIPL has also partnered with PayXpert, a British

supplier of payment solutions, Neopay in the United Arab Emirates, and Lyra Network in France.

Speaking on the fringe of the G20 working group on the digital economy in Lucknow, Union Minister Ashwini
Vaishnaw announced [February 13, 2023] that Singapore had finished integrating UPI and that India had

signed memoranda of understanding (MoUs) with 13 nations seeking to use the UPI interface for digital
payments.

The implementation of the services Bureau of Financial Messaging System of the Bank of Russia by India for
cross-border payment purposes has also been proposed by Russian officials. The Indian ambassador to

Thailand, Nagesh Singh, said in November 2023 that plans were in place to connect Thailand's Prompt Pay

Service with India's UPI. With 16 percent of India's overall commerce with Southeast Asia coming from
Thailand, the country is a significant trading partner. Another popular location for Indians travelling abroad is

Thailand.

Result & discussion:
As per our findings it has been observed that UPI has made its mark on the general public and is a preferred

choice for digital payments. It also shed light that google pay is more preferred over other UPI apps due to its
ease of use. Even though Google pay is the most preferred choice, users also prefer using more than one UPI

app due to the fear of transaction failure. It is has been observed that users face multiple challenges while
using UPI apps the most common ones are technical glitches, internet connectivity, limited customer support

comparatively transaction limit, compatibility issues & long refund process are not as commonly faced but

pose to be a challenge while using UPI apps.

Below are a few suggestions for improving the UPI experience.

 Security concerns: One can overcome this problem by using Bhim. As BHIM being GOI app, it doesn't
need to sale data to increase its revenue

 Transaction Limit: Users prefer to have more no. Of transaction per day so it can be increased from 10
Transaction to 15 or more, per day.

 Ease to use: There should be a separate list for regular payments and contacts.

 Technical: In this world, people are going to use more UPI based apps and services. UPI should use
high technology to ensure that lower payment failure rate is maintained and also provide secure account

to the customer.