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Technological Advancements in Payments: From Cash to Digital through Unified Payments Interface(UPI)
Abstract
Mobile banking in India has witnessed a lot of changes with respect to technological and architectural changes. The continuous rise in the number of mobile banking users is due to this fact that the technological advancements that has restored the faith and boosted the trust of users towards mobile banking and payments. However, in a developing economy like India, where this number of mobile users is expected to grow exponentially, the complexity will also grow as the mobile users expect the mobile banking services to be fast, convenient and most importantly, more secure. There is a scope of improvement with the already existing thing and mobile banking is no different In this direction, the National Payments Corporation of India has initiated a system called Unified Payments Interface (UPI) that further eases the process of money transfer through smart phones and feature phones, thereby bringing this technology within everybody's reach. This chapter further puts insights into the implementation and feasibility aspects of UPI and how it is better than the systems prevailing today.
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