Unraveling Consumer Perception Towards UPI in India: An Empirical Research

The Unified Payments Interface (UPI) is an instant real-time payment system developed by the National Payment Corporation of India to facilitate inter-bank transactions in India through mobile phones. It has transformed cashless payments in India, offering an easy and secure way of digital transactions. This research article deals with the levels of consumer perception of UPI and explores the barriers consumers encounter while making a digital payment. For this study, 300 respondents were selected to collect the responses on the perception of UPI using a convenient sampling method. It is found that the complexity of using UPI is the major barrier for the consumers not using the UPI followed by less dependability of the UPI. Concerning the perception of UPI, Security is the most important feature of the UPI which is perceived by most respondents. The next important feature of the UPI is its instant transfer of money followed by any-time transactions as the most important feature of the UPI. Resolving the complaints is also highly perceived by respondents. The study draws on surveys, data analysis, and interviews to provide insights into the current state of perception toward UPI and the issues that need attention for further growth.