A study on digital payment applications in India

Authors : Gaurav Tyagi, Hrishikesh Jagadale, Nilesh Anute

DOI : 10.18231/j.jmra.2022.028

Volume : 9

Issue : 3

Year : 2022

Page No : 150-156

This Research Paper is based on the in-depth study of applications that deals with Unified Payment Interface (UPI) in India. It shows how the dynamics are changing in the UPI sector and which companies are leading the table. The study was conducted in Pune Region and the survey was done with the help of questionnaire. A response of 82 respondents has been collected and then accordingly a conclusion is made. The Data for the study was also conducted from secondary sources which eventually helped us to get a fair understanding of the Industry. In today’s world one word is common that is “Digitalisation” and it is also gaining popularity due to increase in use of Smartphone by the people, the same has applied to the financial sector. In India, the Unified Payment Interface (UPI) was launched in the year 2016 by National Payments Corporation of India (NPCI). UPI is a payment server which allows its users to transfer the money on real-time basis from Peer-to-Peer (P2P) or from Personto-Merchant (P2M). It is an application that allows the users to use multiple bank accounts in single application. UPI has become so popular in India, also around world due to its ease of use, security, real-time alerts, etc. In India, UPI is currently in a growth stage and showing a robust growth year-onyear. In this research we will have an in-depth study on 5 major UPI apps in India namely GooglePay, PhonePe, Amazon Pay, Paytm and BHIM.


Keywords: NPCI, UPI, Google Pay, PhonePe, Paytm, BHIM, Amazon Pay


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