A Study on the Role of Upi In Financial Inclusion In India

Abstract

The National Payments Corporation of India (NPCI) created the single-window mobile payment system (Dutta, 2022). Digital payment has changed Indian buying behavior. It restricts the flow of black money in the market and assists the government in tracking records of all its transactions. Every time a customer starts a transaction, there is no need to provide bank account information or other sensitive data. Digital payment habits have changed after demonetization. The demonetization period has played an essential role in the growth of digital payment in India. Previously, when the digital method of payment was introduced, people were reluctant to transform their payment habits, However, they were compelled to use digital payments for their transactions after demonetization. In recent times, technology has played a vital role in this, and how we transact daily has changed. Using smartphones has made life easier for many people and led to an increase in online transactions.