Digital Payment Service in India - A Case Study of Unified Payment Interface

Purpose: The Indian Banking sector is striving hard to popularise digital payments and has gained momentum after demonetization India initiatives. To facilitate payments, “National Payment Corporation of (NPCI)” launched the “Unified Interface (UPI)”, which an amazing, revamped, cost-effective breakthrough for enabling payment services all. Proliferation smartphones, technological innovations, effective internet communications signified usage mobile facility smartphone users, financial institutions particularly banks. achieve paperless cashless economy, Unified (UPI) a potentially innovative way transferring funds using virtual address established by National (NPCI). Hence, it needed be assessed its potential contribute towards achievement economy. Design/Methodology/Approach: This paper focused on understanding System’s growth progression in retail over years. study was carried out exploring secondary data sources applying Strengths, Weaknesses, Opportunities, Threats (SWOT) analysis format. Finding/Result: UPI shown remarkable last couple years due customer’s shift contactless other methods. Study revealed that increased significantly, especially platform. Originality value: examines UPI's position ecosystem, with emphasis identifying core strengths prospects, as well areas future research investigate India's complete e-payment ecosystem. Paper type: A case Digital Service - Case