Roopal Asati,
Sonal Pathak,
- Student, Department of Management, Manav Rachna International Institute of Research and Studies, Faridabad, Haryana, India
- Associate Professor, Department of Management, Manav Rachna International Institute of Research and Studies, Faridabad, Haryana, India
Abstract
Digital transaction provides a transparent and easy way for customers; this new paradigm of financial transactions leads to an increment in the trust of customers. The Indian retail market has completely shifted to the Unified Payment Interface (UPI) for digital payment transactions. The Internet and Mobile Association of India report forecasts that the number will reach 900 million by 2025. Digital transactions facilitate numerous benefits over cash transactions, including convenience, ease of use, and faster transactions. The digital payment ecosystem provides crystal clear payment transaction facilities to the consumer that build strong trust among consumers. The present study analyses penetration years of different digital payment systems and captures the consumer percentage. This study discusses the statistical analysis of market growth of payment systems with reference to UPI. This paper has also explored the sustenance of various digital payment tools in terms of their market share and life cycle. The expansion and advancement of UPI and its effect on digital transactions in India have been briefly described. The study also provides a deep insight into existing UPI apps and other digital payment modes during demonetization and COVID-19.
Keywords: Digital payment systems, UPI, digital transactions, market growth, demonetization, UPI applications
[This article belongs to Journal of Artificial Intelligence Research & Advances ]
Roopal Asati, Sonal Pathak. Analysis of Market Growth of Digital Payment Tools in India with Special Reference to UPI. Journal of Artificial Intelligence Research & Advances. 2024; 11(03):1-12.
Roopal Asati, Sonal Pathak. Analysis of Market Growth of Digital Payment Tools in India with Special Reference to UPI. Journal of Artificial Intelligence Research & Advances. 2024; 11(03):1-12. Available from: https://journals.stmjournals.com/joaira/article=2024/view=171722
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Journal of Artificial Intelligence Research & Advances
| Volume | 11 |
| Issue | 03 |
| Received | 28/05/2024 |
| Accepted | 19/07/2024 |
| Published | 11/09/2024 |
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