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The last decade has seen tremendous growth in use of internet and mobile phone in India. UPI has been a trendsetter in our country which is moving towards a digital and a cashless economy especially after the demonetization initiated by our Prime Minister in 2016. Increasing use of internet, mobile penetration and government initiative such as Digital India gave birth to UPI (Unified Payment Interface), an interface which is superior to digital wallets. Unified Payment Interface (UPI) is a system that powers multiple bank accounts onto a single mobile application platform (of any participating bank). It allows seamless fund transfers without CVV numbers hence is more secure.

Several consumer transactions are being made at point of sale (POS) terminals each day. The mode of payment for most of these purchases is either through internet banking or mobile banking using smart phone and a payment mode which is non-cash. The paper attempts understand the workflow of UPI vs Digital wallets and measure the customer perception and acceptance of UPI based applications such as BHIM. It compares UPI mode of payment with other types of digital transactions.


Cashless Transactions, Consumer Perception, Digital Payment, Digital Wallets, Virtual Payment Address (VPA).
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