Impact of the Growing Use of UPI on the Indian Economy

Abstract

The Unified Payments Interface (UPI) has become the largest and most convenient mode of digital payment in India. Since its launch in 2016, UPI has rapidly transformed the country from a cash-dominated economy into a digital payment–driven economy. This research paper aims to examine the direct and indirect effects of UPI on the Indian economy. The study will cover several dimensions, including economic growth, government revenue, financial inclusion, employment generation, micro and cottage industries, consumer behaviour, digital infrastructure, policy reforms, and cybersecurity.