EVALUATING THE EFFICIENCY OF UPI SYSTEM IN CASHLESS ECONOMY – AN EMPIRICAL ANALYSIS

Abstract

The digital payment landscape in India has undergone a transformative shift with the advent of the Unified Payments Interface (UPI), which has redefined how transactions are made in the country. This study is evaluating the efficiency of UPI system in cashless economy: an empirical analysis explores the evolving role of UPI in shaping consumer behavior and the wider financial ecosystem. By analyzing 180 user preferences, satisfaction levels, and perceptions towards leading UPI apps such as Google Pay, PhonePe, Paytm, and Amazon Pay, this research offers valuable insights into the factors driving UPI adoption. The study also examines the impact of UPI on convenience, security, merchant acceptance, and peer-to-peer transactions. With a focus on the diverse user base across various age groups, regions, and socioeconomic backgrounds, this paper highlights the strengths, challenges, and opportunities in the digital payment revolution. The findings aim to provide a deeper understanding of user engagement with UPI apps and suggest actionable strategies for platforms seeking to enhance user experience and accelerate adoption.