Influence of UPI Transaction

Influence of UPI Transaction

                 Ramjeet Yadav*, Tejas Ghuge ,Dushyant Mundra ,,Shashwat Shrivastava.

1 F4 2024-26 – 021330124043, ITM Business School, Kharghar, Maharashtra, India

2 F4 2024-26 – 021330024424, ITM Business School, Kharghar, Maharashtra, India

3 F4 2024-26 – 021330024171, ITM Business School, Kharghar, Maharashtra, India

4 F4 2024-26 – 021330024548, ITM Business School, Kharghar, Maharashtra, India

 

Introduction

The Unified Payments Interface  has emerged as a transformative force in the landscape of digital payments, particularly in India. Launched in 2016 by the National Payments Corporation of India, UPI has revolutionized the way consumers and businesses conduct financial transactions. By enabling instant money transfers, facilitating real-time payments, and promoting a cashless economy, UPI has significantly influenced various sectors of the economy and daily life.

Objective

Analyze how UPI has improved access to banking services for underserved populations, promoting financial inclusion and empowering individuals who previously relied on cash.

Literature review

  1. The study, utilizing the Technology Acceptance Model (TAM), found that simplicity and interoperability positively influence mobile payment adoption, while concerns about security negatively impact consumer behavior. Despite the growing preference for non-cash transactions, users remain apprehensive about the safety of their financial details during online transactions.
  2. Digital payments are critical in today’s rapidly evolving technology environment, where individuals expect frictionless, secure, and large-scale transactions without the use of currency. There are numerous ways to make a digital payment, one of which is a UPI (Unified Payments Interface) transaction, in which anyone can complete a transaction just by utilizing a cell phone.

Data collection                                                                                                                                            

Following questions were framed on liked scale with the help of google forms. 

Q1. I spent more with UPI than other methods.

Q2.  I made more impulsive purchases using UPI.

Q3. I found myself spending more frequently with UPI.   

Q4. I spent more because UPI is easier than Cash.

Q5. I am more Comfortable making large payment with UPI being.

Students of ITM Business School were surveyed. For every question, mean, standard error, and Z value was calculated.

Data analysis

 

     Q1

    Q2

    Q3

Q4

Q5

Mean

4.13

3.98

4.08

3.96

3.68

SD

0.93

0.96

1.05

1.13

1.16

SE

0.08

0.08

0.09

0.10

0.10

Z

13.91

11.60

11.65

9.70

6.64

RESULT

Agree

Agree

Agree

Agree

Agree

 

Conclusion

  1. Students Agree spent more with UPI than other methods.
  2. Students Agree made more impulsive purchases using UPI.
  3. Students Agree I found myself spending more frequently with UPI.
  4. Students Agree spent more because UPI is easier than Cash.
  5. Students Agree am more Comfortable making large payment with UPI

Students of ITM Business School were surveyed. For every question, mean, standard error, and Z value was calculated.

Reference

  1. Pillai, S. S., Sandhya, G., & Rejikumar, G. (2019). Acceptance of mobile payments and UPI technology – Indian context. International Journal of Banking, Finance and Informatics, 5(4), 371-384.
  2. Kumar, S. P., Guhan, M., Kishorekumar, S., & Akshay, A. L. (2023). Investigation of failure in UPI transactions using cause & effect diagram and fault-tree analysis. AIP Conference Proceedings, 2773, 030002.

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