Abstract
Exponential growth in the fin tech industry and with the support of Mobile phone usage, UPI has become popular. Cashless economy was possible with the emergence of UPI. Pandemic has paved the way for seamless use of UPI which led to establishment of many e-payment companies.UPI has become ‘order of the day’ rather than a ‘ lifestyle’. The study was carried to understand the customer preference towards UPI and factors influencing customer preference towards various UPI are analyzed. A Questionnaire was used to understand the preference of
UPI. The factors like convenience, speed of transaction, ease of usage, storage of data and security of data play significant roles in determining the use of UPI. Structured Questionnaire was used to collect Primary data of approximately a minimum of 65 respondents using Disproportionate stratified sampling from customers of 5 different UPIs. Convenience was the significant factor in preferring UPI, followed by trust. Ranking analysis and percentage analysis were used to study various factors and determine the relationship between the variables.
Keywords: Digital payments, cashless economy, UPI unified payment interface.
References
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