UPI PAYMENT

UPI PAYMENT

 

  Nikhil Vinchurkar 1, D Uma Maheshwar2, Kumari Muskan3, Saurabh Pandey4

1 F2 2024-26  – 021330124025, ITM Business School, Kharghar, Maharashtra, India
2 F2 2024-26  – 021330124059, ITM Business School, Kharghar, Maharashtra, India
3 F2 2024-26  – 021330024347, ITM Business School, Kharghar, Maharashtra, India
4 F2 2024-26  – 021330024362, ITM Business School, Kharghar, Maharashtra, India
 Corresponding Author E-mail:

 

 

Introduction: In today’s digital age, UPI (Unified Payments Interface) has revolutionized the way people make transactions, offering quick and seamless payments through smartphones. UPI payments provide convenience, security, and accessibility, transforming the financial landscape in India. This article explores the impact of UPI payments on consumers’ financial habits, particularly focusing on how its widespread adoption has influenced spending behavior, transaction efficiency, and overall financial management. By analyzing our survey findings, we aim to understand the extent to which UPI payments have reshaped the everyday financial activities of users.

Objective: To evaluate the impact of UPI Payments on users’ financial habits, transaction preferences, and overall satisfaction, while identifying key benefits and areas for improvement.

 

Literature Review:

  • According to Rahul Gochhwal (2017), “UPI has revolutionized digital payments by making transactions easy, instant, and secure, even for small merchants. Its low costs, bank interoperability, and robust security make it a leading payment system. With biometric authentication, UPI will further enhance security and promote financial inclusion in India.”
 

 

  • According to BIJIN PHILIP (2019), “This study aimed to understand customer perceptions of UPI services compared to traditional payment methods and their impact on customer satisfaction. The findings indicate that customers generally have a positive attitude toward UPI services. There is a clear link between education levels and UPI usage, with more educated individuals being inclined to use UPI. Additionally, the increasing use of smartphones and internet access has supported the wider adoption of UPI services.”

 

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

 Q1. It gives me automated billing facility.

Q2. It gives me facilities to pay anywhere, anytime.

Q3. It reduce paper waste.

Q4. It gives reward and cashback.

Q5. No hassle of money being lost.

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

4.21

4.34

4.16

3.47

3.83

Standard Error

0.107977

0.10022

0.114647

0.100454

0.106822

Z Value

11.20609

13.37058

10.11801

4.678758

7.769935

Result

Agree

Agree

Agree

Agree

Agree

 

 

Conclusion:

  • Students are agree about UPI provides automated billing facility.
  • Students are agree about it gives facilities to pay anywhere,anytime.
  • Students are agree on that it reduces paper waste.
  • Students are agree that it give rewards and cashback.
  • Students are agree about there is no hassle of money being lost.

 

References:

  • Rahul Gochhwal

Indian Institute of Management, Calcutta, India,(2017)

  • BIJIN PHILIP

Assistant Professor, KRISTU JAYANTI COLLEGE BANGALORE,(2019)

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