A STUDY ON IMPACT OF UPI PAYMENT ON PLASTIC MONEY

A STUDY ON IMPACT OF UPI PAYMENT ON PLASTIC MONEY

Vanshika, MBA Student, School of Finance and Commerce,

Galogotias University, Greater Noida.

Dr. Bhavna Sharma,Asst Professor, School of Finance and Commerce,

Galogotias University, Greater Noida.

ABSTRACT

India's tech ability was in plain view when it assembled and conveyed its advanced installments framework Unified Payments Interface or UPI. Brought together Payments Interface (UPI) is a moment ongoing installment framework created by National Payments Corporation of India (NPCI) working with between bank distributed (P2P) and individual to-shipper (P2M) exchanges. The connection point is managed by the Reserve Bank of India (RBI) and works by in a split second moving assets between two financial balances on a portable stage. In the Coronavirus pandemic while social removing is the most basic standard, the Unified Payments Interface (UPI) resembles a gift from heaven.

'Bound together Payment Interface' is a framework between bank moves that permits sending and mentioning cash. It is created by National Payments Corporation of India (NPCI) and directed by Reserve Bank of India. BHIM-UPI application is worked over the Immediate Payment Service(IMPS) framework and permits the client to quickly move cash between financial balances of any two gatherings. BHIM application permit clients to send or get cash to or from UPI installment addresses, or to non-UPI based accounts (by checking a QR Code with account number and IFSC Code or MMID(Mobile Money Identifier) Code.

In this paper, an endeavor is made to distinguish the degree of mindfulness among individuals about the Unified Payment Interface and on what premise they select their method of advanced installment. This examination work was done to recognize the reception of UPI in cash move framework. Both essential and auxiliary information has been utilized in this paper to make full use.