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ArticlePeer ReviewedOpen AccessPlagiarism Passed
Paper ID:10.55041/IJSREM56326

Impact of Application and Time on UPI Transaction Volumes: A Two-Way ANOVA Analysis of Major UPI Platforms in India

Stream/Area:

-

Subject:

-

Paper ID:

10.55041/IJSREM56326

Volume:

10 |

1 |

Jan 2026

Pages:

Publication Frequency:

Monthly (12 issues per year)

DOI
Digital Object Identifier
10.55041/IJSREM56326

License:International Journal of Scientific Research in Engineering and Management follows the Creative Commons Attribution 4.0 (CC BY 4.0) License, allowing free use and distribution with proper attribution.

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Authors

TS

Tirthankar Sutradhar

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Abstract

The Unified Payments Interface (UPI) has become the backbone of India’s digital payment ecosystem, processing billions of transactions monthly. Despite rapid adoption, transaction volumes remain unevenly distributed across applications, raising concerns related to market concentration and competition. This paper empirically examines whether UPI transaction volumes differ significantly across applications and time periods using monthly data from January 2020 to July 2025 published by the National Payments Corporation of India (NPCI). A Two-Way Analysis of Variance (ANOVA) without replication was employed, supported by regression analysis, independent samples t-tests, and chi-square tests. Results indicate that application choice has a highly significant effect on transaction volumes, while month-wise variation is statistically significant but comparatively weaker.

KEYWORDS

UPI Digital Payments ANOVA FinTech NPCI Market Concentration

Cite This Article

Tirthankar Sutradhar, "Impact of Application and Time on UPI Transaction Volumes: A Two-Way ANOVA Analysis of Major UPI Platforms in India," International Journal of Scientific Research in Engineering and Management, vol. 10, no. 1, Jan 2026. https://doi.org/10.55041/IJSREM56326

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2/1/2026

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