📄 Abstract
This paper examines the Unified Payment Interface (UPI), a cutting-edge payment system introduced in India by the National Payments Corporation of India. UPI is a mobile-centric, real-time interbank payment platform designed to transform and democratize digital payments in the country. The study delves into the evolution of India's payment systems and provides a comprehensive analysis of UPI's technology, focusing on its architecture and security framework through empirical and theoretical literature. UPI stands out as a major advancement compared to existing payment systems, offering benefits such as reduced costs, user-friendly interfaces, faster settlement times, and robust security measures. With its modular API-based architecture, UPI fosters the creation of innovative solutions for both consumers and businesses. Although still in its early stages, the development of merchant-focused UPI solutions holds the potential to significantly enhance user adoption. By integrating a broader section of the population into the digital economy, UPI could play a pivotal role in advancing financial inclusion in India.
🏷️ Keywords
📚 How to Cite:
Ms.K.Suganya, Dr. C.Yogalakshmi , UNIFIED PAYMENT INTERFACE- REVOLUTIONIZING MODERN PAYMENT SYSTEMS , Volume 12 , Issue 1, january 2025, EPRA International Journal of Economics, Business and Management Studies (EBMS) , DOI: https://doi.org/10.36713/epra19947