A Study on Customer Preferences towards UPI Payments Over Cash with Special Reference to Chennai City

Abstract

The study aims at finding the preferences of customers on UPI payments over cash. The UPI or Unified Payment Interface is a digital payment system gateway that allows customers to transfer money from one bank account to another using smartphone and internet connectivity. Due to its ease and security features, UPI payments have recently experienced enormous growth in popularity in India. This study tries to comprehend the variables influencing consumer preference for UPI payments over cash and the preference for various UPI service providers available in the market and the factors influencing it. The questionnaire has a Likert five-point scaling to understand the level of difficulties and satisfaction. The results of this study are based on the responses from 150 individuals on an online survey. The technological revolution has seen a massive change in payment systems and has resulted in a plethora of options for making payments whenever needs. The Unified Payments Interface helps faster growth among the smaller and medium enterprises