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Asian Journal of Research in Banking and Finance
Year : 2018, Volume : 8, Issue : 3
First page : ( 86) Last page : ( 95)
Online ISSN : 2249-7323.
Article DOI : 10.5958/2249-7323.2018.00021.4

Unified Payment Interface: The Innovation Buzz in the Digital Payments Ecosystem

Halder Suravi*, Thomas Sherin P**, Ratchana R.***

*Academic Scholar (PG), Department of Commerce, Christ (deemed to be University), Bangalore, Karnataka, India. suravihalder12@gmail.com

**Academic Scholar (PG), Department of Commerce, Christ (deemed to be University), Bangalore, Karnataka, India. sherinpthomas05@gmail.com

***Assistant Professor, Department of Commerce, Christ (deemed to be University), Bangalore, Karnataka, India. ratchana.r@christuniversity.in

Online published on 31 March, 2018.

Abstract

This paper aims to find out the awareness and usage level present among the urban youth of Banga-lore about the bank Unified Payment Interface (UPI) apps. It also tries to gain a perspective on the potential challenges faced by banking customers and the improvement required on UPI based banking apps. The paper compares the top rated bank based UPI apps and the Government BHIM app, to understand the growing penetration and issues concerning these apps. This paper also suggests ways to overcome the defects in the existing UPI based bank apps in order to encourage wider par-ticipation of the population in utilisation of these digital innovations to facilitate transition to a seamless, frictionless and cashless economy. A questionnaire to gauge the perception and awareness level on UPI apps was administered to 250 respondents and the results were analysed statistically to recommend suitable suggestions for the banks to increase their technological efficiency and innovations.

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Keywords

Unified Payment Interface, Digital Banking, Bank mobile apps, Demonetisation, bank technology and innovation.

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