literature review on upi payment system

E-Rupi—Recent Advancement in Digital Payment System

• Conference paper
• First Online: 23 September 2022
• Cite this conference paper

• Deepika Dhamija   ORCID: orcid.org/0000-0003-1836-0242 15 ,
• Ankit Dhamija   ORCID: orcid.org/0000-0003-4456-9680 16 ,
• Ravi Ranjan   ORCID: orcid.org/0000-0001-6344-1936 17 ,
• Shiv Swaroop Jha   ORCID: orcid.org/0000-0003-4256-7243 17 &
• Renu   ORCID: orcid.org/0000-0003-2046-8842 18  

Part of the book series: Lecture Notes in Networks and Systems ((LNNS,volume 471))

421 Accesses

1 Citations

In the era of demonetization, the banking sector has seen an exponential increase in the usage of digital payments. There has been a slew of digital payment networks proposed by both corporate and public entities. These platforms are being used by users to make payments, pay bills, and send money. The cost of Internet plans, the availability of low-cost mobile handsets, and technological savvy are just a few of the factors driving this digital revolution. Although private companies’ platforms are preferred by the bulk of people using digital platforms, public players are continually bringing novel ideas to the table, such as UPI. Another new payment platform named e-Rupi has been created and released for users by the Indian government in a similar endeavor. This platform attempts to use a voucher-based system to deliver social programs, health benefits, and a variety of other services. Hence, this paper investigates the detailed functionality of the e-Rupi platform and performs an empirical evaluation and comparative analysis of e-Rupi with other digital payment platforms.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

• Available as PDF
• Read on any device
• Instant download
• Own it forever
• Available as EPUB and PDF
• Compact, lightweight edition
• Dispatched in 3 to 5 business days
• Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Similar content being viewed by others

Evolution of Payment Instruments and Their Development in the Digital Economy

The Ongoing Evolution of Payment Instruments in China: A Case Study in Financial Innovation, and on the Role of the Central Bank

Technological Breakthroughs in Financial Services: Payment Services, BNPL, and CBDCs

https://www.thehindubusinessline.com/money-and-banking/digital-payments-got-a-covid-boost-in-2020/article33419349.ece

https://pmmodiyojana.in/e-rupi-digital-payment/

Shah M (2017) Digital currency: the future of money. Int J Recent Innov Trends Comput Commun 5(10):139–141

Google Scholar  

Mandal D (2018) From PPIs to UPI—Indian mobile payments are evolving. gomedici: https://gomedici.com/from-ppis-toupi-indian-mobile-payments-are-evolving . Accessed 29 Aug 2019

Narayanan H (2020) Is future a rule of digital currency? Int J Res-Granthaalayah 8(8):96–106

Article   Google Scholar  

Gupta S, Kumar D (2020) UPI-an innovative step for making digital payment effective and consumer perception on unified payment interface. Int J Anal Exp Modal Anal 12(1):2482–2491. http://ijaema.com/gallery/284-january-3313.pdf

Kakadel RB, Veshne NA (2017) Unified payment interface (UPI)—a way towards cashless economy. Int Res J Eng Technol 4(1):762–766. https://www.irjet.net/archives/V4/i11/IRJET-V4I11136.pdf

Mohapatra S (2017) Unified payment interface (UPI): a cashless Indian e-Transaction process. Int J Appl Sci Eng 5(1):29–42. https://doi.org/10.5958/2322-0465.2017.00004.1

Thomas R, Chatterjee A (2017) Unified payment interface (UPI): a catalyst tool supporting digitalization–utility, prospects & issues. Int J Innov Res Adv Stud 4(2):192–195. http://www.ijiras.com/2017/Vol_4-Issue_2/paper_43.pdf

Goel S, Gupta DK (2017) A review on unified payment interface [UPI]. http://www.ijsrd.com/articles/IJSRDV5I41170.pdf . Accessed 29 Aug 2019

Gochhwal R (2017) (2017) Unified payment interface—an advancement in payment systems. Am J Ind Bus Manag 7(10):1174–1191. https://doi.org/10.4236/ajibm.2017.710084

https://factly.in/review-how-have-the-digital-payment-systems-evolved-in-the-last-decade/

Dhamija A, Dhamija D (2017) Technological advancements in payments: from cash to digital through unified payments interface (UPI). In: Strategic human capital development and management in emerging economies. IGI Global, pp 250–258

Abdulla A, Abubakr A, Ghareb M, Mahmud H (2015) E-payment: prospects, challenges and solutions in krg public sector. Int J Eng Comput Sci 4:14092. ISSN: 2319-7242. https://doi.org/10.18535/ijecs/v4i9.05

https://www.capitalmind.in/2021/08/what-is-the-e-rupi-how-does-it-work/

https://www.myayan.com/advantages-and-disadvantages-of-erupi

Download references

Author information

Authors and affiliations.

Directorate of Online Education, Manipal University Jaipur, Jaipur, India

Deepika Dhamija

University of the People, Pasadena, USA

Ankit Dhamija

Amity College of Commerce, Amity University Haryana, Gurgaon, Haryana, India

Ravi Ranjan & Shiv Swaroop Jha

Department of Commerce and Business Studies, Central University of South Bihar, Gaya, India

You can also search for this author in PubMed   Google Scholar

Corresponding author

Correspondence to Deepika Dhamija .

Editor information

Editors and affiliations.

Department of Computer Science Engineering, Maharaja Agrasen Institute of Technology, Rohini, Delhi, India

Deepak Gupta

Ashish Khanna

Rajnagar Mahavidyalaya, Birbhum, West Bengal, India

Siddhartha Bhattacharyya

Department of Information Technology, Cairo University, Giza, Egypt

Aboul Ella Hassanien

Department of Computer Science, Sukhdev College of Business Studies, University of Delhi, Delhi, India

Sameer Anand

Department of Computer Science, Shaheed Sukhdev College of Business Studies, University of Delhi, Delhi, India

Ajay Jaiswal

Rights and permissions

Reprints and permissions

Copyright information

© 2023 The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.

About this paper

Cite this paper.

Dhamija, D., Dhamija, A., Ranjan, R., Jha, S.S., Renu (2023). E-Rupi—Recent Advancement in Digital Payment System. In: Gupta, D., Khanna, A., Bhattacharyya, S., Hassanien, A.E., Anand, S., Jaiswal, A. (eds) International Conference on Innovative Computing and Communications. Lecture Notes in Networks and Systems, vol 471. Springer, Singapore. https://doi.org/10.1007/978-981-19-2535-1_16

Download citation

DOI : https://doi.org/10.1007/978-981-19-2535-1_16

Published : 23 September 2022

Publisher Name : Springer, Singapore

Print ISBN : 978-981-19-2534-4

Online ISBN : 978-981-19-2535-1

eBook Packages : Engineering Engineering (R0)

Share this paper

Anyone you share the following link with will be able to read this content:

Sorry, a shareable link is not currently available for this article.

Provided by the Springer Nature SharedIt content-sharing initiative

• Publish with us

Policies and ethics

• Find a journal
• Track your research

Academia.edu no longer supports Internet Explorer.

To browse Academia.edu and the wider internet faster and more securely, please take a few seconds to  upgrade your browser .

Enter the email address you signed up with and we'll email you a reset link.

• We're Hiring!
• Help Center

A Systematic Review and Research Agenda of Digital Payment System with reference to Unified Payment Interface

2022, Srinivas Publication

India is undergoing a significant transition from a cash-based economy to a cashless or less-cash one. The smartphone and internet adoption paved the way for technological acceptability in many sectors, including money usage. Economic transactions are carried out using an electronic medium. Among the several e-payment options over the last five years, the Unified Payment Interface (UPI) has grown dramatically. Payment is one facet of a country's financial inclusion. The current study intends to provide a thorough evaluation of the literature on digital payments in relation to UPI and financial inclusion. It also examines the factors that influence UPI platform acceptability, continue to use and recommend others to use. Design/Methodology/Approach: A thorough literature study is carried out in order to uncover research literature concentrating on important topics such as digital payment, technology acceptance and usage, digital financial inclusion, and unified payment interface. Using the SWOC and ABCD frameworks, the research need is identified and agendas are reviewed. Findings/Result: According to a survey of the literature, the majority of the research was conducted to evaluate digital payment as a whole. Less study was carried out by concentrating on UPI, especially in relation to the component of digital financial inclusion. The advancement of technology constantly calls for more research. Originality/Value: This is the first study to establish a link between Digital Payment, UPI and Digital Financial inclusion. The policymakers, service providers and researchers can make use of the results to understand and assess the role of UPI in making India a less cash society. Paper Type: Systematic Review of Literature.

Related Papers

International Journal of Case Studies in Business, IT and Education (IJCSBE)

Srinivas Publication , Mahesh Ae

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

IJARW Research Publication , Gobinda Kumbhar

India is passing through a window of demographic transition, not only is it converting to a cashless economy but it is also witnessing a drastic makeover in the paradigm of banking sector. With a purpose to transform India into a digitally empowered society and knowledge economy, the "The Digital India Programme" was launched by Government of India, "Faceless, paperless, cashless" is one of the professed roles of digital India. Digitalization without financial inclusion was incomplete hence RBI, in August, 2015, issued banking licenses to, 11 payment banks, 2 universal banks and 10 small finance banks. Therefore, the present study determine how mobile payments options are associated with demographic factors thereby providing us with the sections of our society that have adopted cashless payments or have failed to do so. There should be a great impact of the new immerging payment system UPI. The primary data collected through online mode in odisha and used destructive statistics.

International Journal of Sustainable Development and Planning

Amitabh Patnaik

India has experienced a significant digital payments transformation, driven by technological advancements, smartphone penetration, and government initiatives. This research explores the role of digital payments and mobile payments in India's Fintech revolution. Using an extended technology acceptance model, the study investigates user acceptance and perceived usability. The research identifies factors influencing perceived usefulness, behavioral intention, and actual usage of digital payments. Four constructs-Financial Literacy, Trust and Privacy, Service Quality, and Perceived Ease of Use-are analyzed using structural equation modeling. The results show the growing adoption of digital and mobile payment platforms like Paytm, Google Pay, and PhonePe, even among financially excluded segments. However, financial literacy does not directly impact digital payment acceptance. The study concludes that digital and mobile payments have disrupted the payment landscape in India, bringing efficiency and simplicity. Enhancing financial literacy is crucial for wider adoption. The findings contribute insights for businesses, policymakers, and users in leveraging the benefits of digital and mobile payments during India's Fintech revolution.

World Journal of Management and Economics

Sankararaman G

Since 1990, Indian banks have continued to deliver an array of services through various electronic modes such as Automated Teller Machines, digital payments and mobile banking. The Unified Payments Interface (UPI), one of the primary instant real-time payment and settlement system, contributes 48 percent in India's retail clearing and settlement systems. The researchers have made an attempt to study the user's opinion towards different parameters of 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.

Trans stellar Journals

TJPRC Publication

For a long time, the world has been moving toward all things digital. However, the year 2020 highlighted the urgent need to embrace new technologies as soon as possible. With the implementation of the lockdown, this adaptation happened almost instantly, particularly in India for digital payments. The Indian government has been promoting and propagating online payments sharply, beginning with demonetization back in 2016. 'Digital India' has been the spirit of the many economic and financial decisions that pushed Indians to modify online payments. In a country like India, where disparities are sometimes different, ensuring financial equality becomes a problem of prime importance. This study analyses the usage of Digital Payment Applications and the challenges faced by users. The findings show that1/3 of the respondents in the age group 25-35 have been personally impacted by fraud, data theft, etc. There is a need to create awareness about the precautions to be taken so that the users are not victimized due to fraudulent activities.

SAMRAT BANERJEE

The Digital India program is a distinguished government program undertaken by the Government of India that has an intention of making the country a digital society and a knowledge economy. The slogan and professed role of Digital India is "faceless, paperless and cashless". Different methods of electronic payments are available to promote transactions involving no cash and turn India into a cashless society. These methods include debit/credit cards, Unified Payment Interface (UPI), Aadhaar Enabled Payment System (AEPS), Unstructured Supplementary Service Data (USSD), numerous mobile payment wallets, micro-ATM etc. This study focuses on the attitude, perception of the urban consumers towards various digital payment methods. Responses from 100 respondents of Kolkata have been recorded using purposive sampling method and are analysed using anova.

iJOURNALS PUBLICATIONS IJSHRE | IJSRC

The rapid proliferation of digital technologies has reshaped the financial landscape across the globe. In the context of India, the Unified Payments Interface (UPI) has emerged as a groundbreaking innovation, facilitating seamless digital transactions. This study delves into the dynamics of UPI adoption and digitalization advancements at the interstate level within India. This research employs a multidimensional approach to investigate the factors influencing UPI adoption rates across different Indian states. Furthermore, this study explores the impact of UPI adoption on various aspects of digitalization, including financial inclusion, e-commerce growth, and the evolution of digital ecosystems. It examines how UPI, as a digital payment platform, has catalyzed the transformation of traditional economic practices, fostering a more inclusive and efficient financial ecosystem.

isara solutions

Interal Res journa Managt Sci Tech

India is still a developing country and a large number of populations is not able access formal financial services. In order to provide easy access to formal financial services to the population Digital Financial Inclusion is important. It does not require physical banking units and formal financial services can be accessed using a mobile device and internet connection. The recent developments in digital technology in the country seems to be a solution to the issues faced previously. Emerging digital service providers and digital financial services can help in making the country financially inclusive at reduced costs. They have reengineered the financial services and cleared the path for digital financial inclusion. Digital technology will shape the modern economy by making an efficient digital payment system which is cost effective and will encourage access to people. All kind of financial services including payment, savings, transfers, credit, insurance, securities etc. can be assessed with the help of digital technology. After the outbreak of covid 19, when financial intuitions may remain close and cash may be a potential carrier, digital payments are a life saver. A huge number of digital payment platforms and e banking applications are available in the country. The government is also running programs for enhancing digital and financial literacy among the population of the country. This study is an attempt to understand the factors that are impacting the usage of digital payment platforms which result in digital financial inclusion. After a thorough review of literature, the study was done using a well-structured questionnaire. A sample size of 558 people was collected in order to understand that what factors are impacting the usage of digital payment platforms. The dataset was tested using SPSS (25.0) and various statistical test such as ANOVA, Correlation, Regression and Factor analysis were used. The results help to understand the impact of factors identified using literature review. Some of the important factors of the study are Perceived usefulness, Trust, Perceived Security, Digital financial literacy, Attitude and Behavioural Intention. Taking actions on the basis of the factors will be helpful in making digital financial inclusion a reality.

aparna j varma

Digital transactions are taking over most of the transactions in the world and India is no exception. Various studies have proved that efficient payment system will speed up the liquidity flow of an economy. In the era of digitisation, transactions using technology is the best way of being agile and giving better service to consumers. The study is about understanding consumers' perceptions with respect to online and digital payments and safety of these transactions in this world of connected technologies. It is important for marketers to know the perception of consumers towards cashless methods of transactions and this study helps in this. The study is qualitative in nature and uses literature reviews to analyse the concept of digital transactions. The reviews delve insights into the various challenges and advantages of using digital transactions. The findings reveal that digital transactions are accepted in India and usage is increasing year by year. The study finds the advanta...

Srinivas Publication

The Indian payments sector is undergoing far reaching changes, with digital payments capturing a sizable slice of the cake in recent years. The changes began from a fully cash economy to a less-paper-currency system. The Reserve Bank of India and its nodal agencies are working hard to make the digital India goal, a reality. Nearly one billion cards and more than two billion Prepaid Payment Instruments (PPI) such as online wallets, mobile applications, e-wallets, and digital payment modalities have pushed India into one of the world's fastest growing and largest digital payment ecosystem. In fact, an exponential increase in internet infrastructure boosted e-commerce. Unified Payment Interface, popularly known as UPI, is regarded as a revolutionary payment solution in the market for facilitating retail digital payments. The main objective of this paper is to identify innovations in India's digital payment landscape in a phased manner. While doing so, it also analyses the payment facilitating industry by applying PESTEL model to identify political, economic, technological, environmental and legal factors. Design/Methodology/Approach: This study examines India's digital payment landscape in terms of its gradual progress. Using the PESTEL model, it also analyses external factors that contribute to a less cash economy. Secondary sources were used to gather data for the study, which included reports, circulars, rules, and statements made by the Reserve Bank of India and other relevant organisations. Findings/Results: According to the study, India's digital payment segment has seen tremendous success since the implementation of UPI by the National Payment Corporation of India (NPCI) in 2016. The government's Direct Benefit Transfer (DBT) programme enabled the country to achieve financial inclusion of all citizens having access to banking services. Government legislation, regulator intent, social behaviour, increased smartphone usage, lower internet costs, and others significantly impacted the growth of the digital payment industry by ensuring secure, faster, cost-effective, and secure payment solutions. Originality/Value: This study examines the digital payment industry in India using the PESTEL methodology, which allows us to see the industry from all sides.

RELATED PAPERS

SEKIYA Hiroo

Jenifer Pinheiro

Sonia Veronica Mortis Lozoya

Guillermo Gonzalez

Academy for Scientific Professionals (ACSCIP)

ABM Mahfuz ul Alam

Physics Letters A

Denis Evans

Eduardo Ibáñez Ruiz del Portal

Advances in Social Science, Education and Humanities Research

IR DIRECTOR I IMAM ROFIKI

Bulletin KNOB

Elyze Storms-Smeets

学校原版英国伦敦艺术大学毕业证 ual文凭证书设计录取通知书原版一模一样

Hans Ulrich Vogel

Journal of Materials Science: Materials in Medicine

Ligia Pinelli

2017 IEEE International Conference on Big Data (Big Data)

Elke Rundensteiner

International Journal for Research in Applied Science and Engineering Technology

aditya aher

Javier Salazar Rincón

Comunicação e Sociedade

Michele Romanelli

Kamal Acharya

Experimental Neurology

Akramul Islam

•   We're Hiring!
•   Help Center
• Find new research papers in:
• Health Sciences
• Earth Sciences
• Cognitive Science
• Mathematics
• Computer Science
• Academia ©2024

We use cookies to ensure best experience for you

We use cookies and other tracking technologies to improve your browsing experience on our site, show personalize content and targeted ads, analyze site traffic, and understand where our audience is coming from. You can also read our privacy policy , We use cookies to ensure the best experience for you on our website.

• Leaders Speak
• Brand Solutions
• From UPI to e₹: RBI's Annual Report showcases India's digital payment advancements

• Sheersh Kapoor ,
• Updated On May 30, 2024 at 03:04 PM IST

• By Sheersh Kapoor ,
• Published On May 30, 2024 at 02:59 PM IST

All Comments

By commenting, you agree to the Prohibited Content Policy

Find this Comment Offensive?

• Foul Language
• Inciting hatred against a certain community
• Out of Context / Spam

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis., download etbfsi app.

• Get Realtime updates
• Save your favourite articles

• RBI Annual Report
• digital payment systems
• financial ecosystem
• Bharat Bill Payment System
• account aggregator
• cross-border payments
• Reserve Bank of India (RBI)