The Future of Payments in India: An Analysis of Digital Rupee and UPI

REST Journal on Banking, Accounting and Business Pub Date : 2023-02-01 DOI:10.46632/jbab/2/1/5

Kanchan Vyas

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引用次数: 1

Abstract

The Reserve Bank of India’s digital rupee (e₹) and the Unified Payments Interface (UPI) are transforming the future of payments in India. In our research study, researcher adopted a qualitative method to understand existing literature on the topic. Official and non-official websites were analyzed for information. The study relied on secondary data only, as there was limited prior research in this area. This study analyzes the impact and potential of the digital rupee and UPI in the Indian financial landscape. The digital rupee, launched on December 1, 2022, offers many advantages over traditional paper currency, including security, accessibility, and government backing. The study also highlights potential drawbacks such as disruption to the banking system and security concerns. On the other hand, UPI is a platform for facilitating banking transactions, different from the digital rupee. The integration of the digital rupee with existing payment systems such as UPI and IMPS is expected to increase financial inclusion and reduce transaction costs. The study answers key research questions and concludes that the digital rupee and UPI have the potential to play a significant role in the future of payments in India.

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印度支付的未来:数字卢比和合众国际社的分析

印度储备银行的数字卢比(e₹)和统一支付接口(UPI)正在改变印度支付的未来。在我们的研究中，研究者采用了定性的方法来了解关于该主题的现有文献。分析了官方和非官方网站的信息。该研究仅依赖于二手数据，因为该领域的先前研究有限。本研究分析了数字卢比和UPI在印度金融格局中的影响和潜力。数字卢比于2022年12月1日推出，与传统纸币相比，它具有许多优势，包括安全性、可访问性和政府支持。该研究还强调了潜在的缺点，如对银行体系的破坏和安全问题。另一方面，UPI是一个促进银行交易的平台，不同于数字卢比。数字卢比与UPI和IMPS等现有支付系统的整合有望增加金融包容性并降低交易成本。该研究回答了关键的研究问题，并得出结论，数字卢比和UPI有潜力在印度未来的支付中发挥重要作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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REST Journal on Banking, Accounting and Business

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