Unified Payment Interface: A Digital Gateway to Indian Payment System

Abstract

Period of demonetization was a crucial time for Indian financial system. Demonetization raises the requirement of cashless currency in economy. At that period, government promoted cashless currency which means digital payment system must be used instead of currency notes. As we know that on 8^th November 2016 Honorable Prime minister of India Mr. Narendra Modi announced the demonetization in India. In which all currency notes of 500 and 1000 were demonetized. As a result cashless currency was needed urgently. No doubt people are using debit cards, credit cards but due to demonetization, Long queues started forming outside banks and ATMs. In that situation UPI played pivotal role in making payments, money transfer, helpful in reducing rush outside the ATMs and banks without going anywhere. This paper mainly emphasizes on Unified payment interface popularly known as UPI. After 2016 which is popularly known as Demonetization year which has great impact on transactions of UPI. The main of this paper is that to know the impact of UPI on payment behaviour of consumers. So data is collected from the respondents of Bathinda region (A renowned city in Punjab).