Unified Payments Interface (UPI) and the Future of Cashless Banking: Regional Adoption, Global Comparisons, and Policy Innovations

Authors

  • Avik Ghosh Assistant General Manager, Reserve Bank of India, Kanpur
  • Ankit Magotra Assistant Manager, Reserve Bank of India, Kanpur

Keywords:

No Keywords.

Abstract

India's Unified Payments Interface (UPI) has emerged as a transformative force in the digital payments ecosystem, driving cashless banking and financial inclusion. This article explores UPI's remarkable adoption across regions, highlighting factors influencing penetration, state-level initiatives, and rural-urban dynamics. Additionally, it compares UPI with global systems, emphasizing its interoperability, cost efficiency, and cross-border potential. Technological advancements, such as blockchain, offline payments, and quantum-resistant security, alongside policy frameworks, are analyzed to ensure UPI’s continued resilience and scalability in fostering a robust, inclusive digital economy.

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Published

2025-02-23

How to Cite

Ghosh, A., & Magotra, A. (2025). Unified Payments Interface (UPI) and the Future of Cashless Banking: Regional Adoption, Global Comparisons, and Policy Innovations. The Management Accountant Journal, 60(1), 26–30. Retrieved from https://icmai-rnj.in/index.php/maj/article/view/173803

Issue

Volume 60, Issue 1, January 2025

Section

Cover Story

References

Kumar, A., Gupta, R., & Verma, M. (2023). Digital payment systems: A rural-urban analysis in India. Technological Forecasting & Social Change, 188, 122432. https://doi.org/10.1016/j.techfore.2023.122432

NPCI. (2023). Annual report 2022-2023. National Payments Corporation of India. Retrieved from https://www.npci.org.in

Singh, S., Tan, J., & Lim, H. (2023). Cross-border digital payment systems: Lessons from UPI-PayNow linkage. Journal of World Business, 58(3), 102533. https://doi.org/10.1016/j.jwb.2023.102533

Tanda, A., &Schena, C. (2019). PSD2 and beyond: Open banking and the future of payment systems. Journal of Risk Finance, 20(4), 321-336. https://doi.org/10.1108/JRF-02-2019-0044

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