Unified Payment Interface: A Unique Payment Interface in the Universe- Secondary Data Analysis

Abstract

The country's payment system has undergone numerous significant changes, thanks to the Unified Payment Interface (UPI), which has eventually spurred economic growth. Life has become easier with UPI's existence. It significantly accelerates India's transition to a cashless economy as it helps to protect the environment by going greener, to improve the quality of life by embracing technology, and to create more jobs that initiate open many FinTech and Startups that lead to economic sustainability. India serves as the poster child for instant payments and an epitome of how a concerted, widespread, national endeavour may unleash enormous economic and social potential. It is an innovative online financial product in India that has reached heights of popularity within a short span (Deshpande, 2021). Our honourable Prime Minister Mr. Narendra Modi shared our country’s experience with UPI at the G20 summit by describing it as a “path-breaking digital payment platform”, which could become a template for digital payments to other nations. In this background, this study attempts to perceive the progress of this platform which enlightens us about its significance and to know about its present status. The study has employed the descriptive method by using secondary data from various scientific articles, relevant reports, records, books, published data, and journals to analyze the pathway of UPI’s progress by glorifying its uniqueness, the rationale of its evolution, and the challenges confronted to positively disrupt the sustainability of this product.