A Study on Unified Payment Interface (UPI) Transactions (A Digital Banking Tool) in Chennai City

Abstract

Indian banks have, for more than two decades, been committed to deliver a wide range of services by using wide range of electronic networks such as mobile banking, Automated Teller Machines, and digital payments. Introduced in the year 2016 as an instant real-time payment and settlement system, the Unified Payments Interface (UPI) currently contributes a mammoth of 47 percent in India’s retail clearing and settlement systems. This has motivated the researchers to undertake a study on various parameters of UPI transactions such as awareness level, satisfaction level, problems encountered by the users of UPI, and duration to solve the problems. For this purpose, descriptive research design has adopted and 119 samples have collected through structured questionnaire. Convenience sampling technique adopted to collect the samples. Among the 119 respondents, 86 percent of them aware about UPI as a digital payment mode. 31 percent of respondents have chosen the UPI as their  first choice among the different digital payment tools. The chi-square analysis revealed that there existed important connotation between age of the respondents and satisfaction level towards the usage of UPI. The results of One-way ANOVA revealed the presence of a momentous transformation among different categories of age cluster of the respondents on frequency of usage of UPI. The researchers have suggested that the regulators have to ensure the cyber security of UPI, and also take necessary measures to increase the adoption of UPI across the nation.