A STUDY OF FACTORS AFFECTING STUDENTS’ ADOPTION OF UNIFIED PAYMENT INTERFACE (UPI) IN MUMBAI CITY
Abstract
The National Payments Corporation of India (NPCI) has introduced the Unified Payment Interface (UPI), which is considered to be one of the most innovative digital payment solutions. UPI enables users to make transactions quickly, conveniently, and cost-effectively. This research paper focuses on the factors that influence students' adoption of UPI. The study examines social influence, perceived usefulness, perceived ease of use, service trust, and risks. As students are digital natives, it is essential to understand their perception of UPI. The study collected data from students who are already using UPI. A structured, closed-ended questionnaire was used to gather responses from students, and the data was analysed using correlation and ANOVA. The study concluded that there is a significant correlation between social influence, perceived usefulness, perceived ease of use, service trust, and the adoption of UPI among students. However, the risk factor did not have any significant effect on students' adoption of UPI. The study's findings offer valuable insights to UPI service providers, financial institutions, and policymakers to develop strategies that can help increase the adoption of UPI among young in the country.
Keyword : UPI adoption, Digital Payments, student perception, Mumbai City, Financial Technology.
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
https://en.wikipedia.org/w/index.php?title=Unified_Payments_Interface&oldid=1185532870 https://youtu.be/7Tr7_xjIOjo?si=h7MbrH-nYbXECSBw Ajmera, H., & Bhatt, V. (2020). Factors affecting the consumer’s adoption of E-wallets in India: An empirical study. Alochana Chakra J, 9(6), 1081-1093. Gupta, K., & Arora, N. (2020). Investigating consumer intention to accept mobile payment systems through unified theory of acceptance model: An Indian perspective. South Asian Journal of Business Studies, 9(1), 88-114. Jha, R. R., & Kumar, R. (2021). UPI innovative step for making digital payment effective and factors affecting consumer perception of the use of UPI. Journal of Emerging Technologies and Innovative Research, 8(7), 698-705. Kumar, A., Choudhary, R. K., Mishra, S. K., Kar, S. K., & Bansal, R. (2022). THE GROWTH TRAJECTORY OF UPI-BASED MOBILE PAYMENTS IN INDIA: ENABLERS AND INHIBITORS. Indian Journal of Finance and Banking, 11(1), 45-59. Kumar, A., Dhingra, S., Batra, V., & Purohit, H. (2020). A framework of mobile banking adoption in India. Journal of Open Innovation: Technology, Market, and Complexity, 6(2), 40. Mahesh, A. (2021). Digital Payment Service in India Case Study of Unified Payment Interface. International Journal of Case Studies in Business, IT and Education (IJCSBE), 5(1), 256-265. Shahid, M. (2022). Exploring the determinants of adoption of Unified Payment Interface (UPI) in India: A study based on diffusion of innovation theory. Digital Business, 2(2), 100040. Sharma, A., Bhimavarapu, V. M., Kanoujiya, J., Barge, P., & Rastogi, S. (2022). Financial Inclusion Impetus to the Digitalization of Payment Services (UPI) in India. The Journal of Asian Finance, Economics and Business, 9(9), 191-203. Singh, N., Sinha, N., & Liébana-Cabanillas, F. J. (2020). Determining factors in the adoption and recommendation of mobile wallet services in India: Analysis of the effect of innovativeness, stress to use and social influence. International Journal of Information Management, 50, 191-205. Wei, M. F., Luh, Y. H., Huang, Y. H., & Chang, Y. C. (2021). Young generation’s mobile payment adoption behavior: Analysis based on an extended UTAUT model. Journal of Theoretical and Applied Electronic Commerce Research, 16(4), 618-637. R. Ramesh, M. Kannan and M. Seenivasan, “Achievement Estimations of Priority Queue System in Fuzzy Environment”, Advances in Mathematical Modelling and Scientific Computing, Trends in Mathematics, Springer Link (Book Chapter),2024, pp. 637-658. R. Ramesh and M. Seenivasan, “Analysis of Attainment Estimates of Loss System Queue”, Advances in Mathematical Modelling and Scientific Computing, Trends in Mathematics, Springer Link (Book Chapter),2024, pp. 519 – 531. K. Sakthivel, N. Paramaguru, R. Ramesh and P. Syamala., “ Accomplishment Expedients of Batch Arrival Queuing Model by Fuzzy Ordering Approach ”, Advances in Mathematical Modelling and Scientific Computing, Trends in Mathematics, Springer Link (Book Chapter),2024, pp. 487 – 496. A. Hari Ganesh, N. Jaimurthi, R. Ramesh and M. Seenivasan, “On testing of Fuzzy Hypothesis for mean and variance using centroid-based new distance functions under symmetric fuzzy environment”, Contemporary Mathematics, Vol. 5. Issue 1, December 26, 2023, pp. 60-92, https://doi.org/10.37256/cm.5120243317. M. Seenivasan, S. Chandiraleka, H. Manikandan and R. Ramesh, “Single Server Queueing Model with Multiple Working Vacation, Feedback and Catastrophe”, 4th International Conference on Material Science and Applications, AIP Conference Proceedings 2822, November 14, 2023,pp.020245-1 – 020245-9,ISBN NO: 978-0-7354-4724-0. M. Seenivasan, F. Patricia and R. Ramesh, “Analysis of Single Server Queue with single working vacation subject to Catastrophe”, 4th International Conference on Material Science and Applications, AIP Conference Proceedings 2822, November 14, 2023,Pp.020246-1to 020246-6,ISBN NO: 978-0-7354-4724-0. R. Ramesh and M. Seenivasan, “Cost Appraises of a Phosphorescent Bulk Arrival Queueing system by Wingspans Fuzzy Ranking Approach”, Stochastic Processes and Their Applications in Artificial UIntelligence chapter 5, Pp. 50-64 ACIR Book Series: ISSN NO: 2327-0411 (Scopus). P. Syamala, R. Ramesh, M. Seenivasan and R. Singaravel, “3D Based CT Scan Retrial Queuing Models by Fuzzy Ordering Approach”, 2023 Second International Conference on Electrical, Electronics, Information and Communication Technologies (ICEEICT), Trichirappalli, India, 2023, Pp. 01-05,(Scopus). P. Gnaanachandra, A.M. Kumar, M. Seenivasan and R. Ramesh, “On Generalization of Fuzzy Topological Groups and Modelling Robotic Crash*”,IEEE Xplore, 2023 Second International Conference on Electrical, Electronics, Information and Communication Technologies (ICEEICT), Trichirappalli, India 2023, Pp.1-8, DOI: 10.1109/ICEEICT56924.2023.10157226 (Scopus). R. Ramesh and M. Seenivasan, “Discouraged Arrivals Queuing System in Inter valued type-2 Fuzzy Environment, Recent trends on Type-2 Fuzzy Logic systems: Theory, methodology and Application”, Studies in Fuzziness and Soft Computating, Pp. 235-247, 2023, Volume 425, (Springer): ISSN: 1434 – 9922. R. Ramesh and M. Seenivasan, Performance Analysis of Single Server Low Priority Queue Based on Electronic Transmitter, Lecture Notes in Electrical Engineering, Springer Book Series, (ICAECT 2021), Vol.881,Pp.347-359,June 26th, 2022, ISBN: 978-981-19-1110-1&ISBN 978-981-19-1111-8. R. Ramesh and M. Seenivasan, “Achievement expedients of fuzzy queuing models with an unreliable electrical transformer”, IEEE Xplore (ICEEICT 2022) Vol. 22, February 2022(Scopus), ISBN:978-1-6654-3647-2. R. Ramesh and M. Seenivasan, “Performance Calibrations of A single server Glycolic Acid Based Beauty Parlor by Fuzzy Retrial Queuing Models”, Materials Today: Proceedings, Vol.51, Pp.2422–2426, December2022, (Science Direct), (Scopus) https://doi.org/10.1016/j.matpr.2021.11.603: ISSN: 2214-785 Vikas, S., Mathur, A., Adavi, S., Shaik, J.M.P., Seshachalam, A. (2024). Recruitment and the Role of HR in Talent Acquisition: Optimal Methods for Hiring Top Talent. Journal of Informatics Education and Research, 4(1), 202-208. https://jier.org/index.php/journal/article/view/539 (ABDC C Category). ISSN 1526-4726 Vikas, S. (2023). An Effect of Job Stress and Job Satisfaction on Online Teaching among CBSE School Teachers During Covid-19 Pandemic. Journal of Pharmaceutical Negative Results, Volume 14, Special Issue 2, 431-435, 2023. https://www.pnrjournal.com/index.php/home/article/view/6704 (Scopus). ISSN 2229-7723 Vikas, S., & Mathur, A. (2023). Go Green Textiles: A Case of Social Entrepreneurship in India. Journal of Entrepreneurship and Innovation in Emerging Economies, 9(1), 131-143. Vikas, S. & Mathur, A. (2022). An Empirical Study of Student Perception Towards Online Classes by First Time Online Teachers. Education and Information Technologies, 27, 589-610, (2022). https://doi.org/10.1007/s10639-021-10793-9 (Springer Nature, Scopus). ISSN: 1573-7608 Vikas, S. (2014), “A Turnaround Specialist on the job: The Case of MPCON”, Global Business Review, Sage Publications, Vol. 16, 4: pp. 719-733. https://doi.org/10.1177%2F0972150915581116; ISSN: (Sage - Scopus) Lather, A.S., Garg, S. & Vikas, S. (2014), “Top Management Perception towards Training: An Empirical Study of Travel Agencies in India,” International Journal of Management and Business Research, Vol.4, No.2, Spring 2014. https://ijmbr.srbiau.ac.ir/article_2492.html / https://sanad.iau.ir/Journal/ijmbr/Article/810473; ISSN 22287019 (Scopus) Lather, A.S., Garg, S. & Vikas, S. (2013), A Study of Employee Perception towards Training and Development in Travel Agencies in India, BVIMSR’s Journal of Management Research, ISSN: 0976 – 4739, Vol-5 No.-1 April 2013 (International, Bi-annual, Blind-review Journal) (http://www.bvimsr.com/documents/publication/2013V5N1/06.pdf) (peer-reviewed). ISSN 0976 – 4739 Lather, A.S., Garg, S. & Vikas, S. (2011), Training Practices of Selected Multinational Travel Conglomerates in India, International Journal of Business Economics and Management Research, Vol. 2, Issue 1 (Jan. 2011): ISSN: 2229-4848 (International Refereed Journal) (peer-reviewed). Vikas, S. (2011), Leveraging Technology to Provide Cost-Effective Communication and IT Solutions for the Global Air Transport Industry: The Case of SITA, JOHAR, biannual double-blind refereed journal of BITS, Ranchi, July 2011 (ABDC-C Category) Lather, A.S. & Vikas, S. (2010), A Study of Various Alliances in Travel and Tourism -Developing a Strategic Partnership Model for Success, South Asian Journal of Tourism and Heritage (2010), Vol. 3, No. 1, 59-71 (International Refereed Research Journal) Lather, A.S., Garg, S., Vikas, S. (2009) Entrepreneurship as a Strategic Development Intervention to Accelerate Rural Development: The Case of Drishtee. Asia Pacific Business Review. 2009;5(1):126-137. doi:10.1177/097324700900500115 (Sage - Scopus) Lather A.S., Jain V., Jain S, Vikas, S. (2009). Leadership Styles in Relation to Conflict Resolution Modes: A Study of Delhi Jal Board, Vilakshan, XIMB Journal of Management, International Bi-annual Refereed Journal, Vol. VI, No.1, 19-38; March 2009; ISSN 0973-1954. https://drive.google.com/file/d/1ScgQGYdX_oE6pgPlhoCVXF0iPffbE0nY/view. (Scopus) Lather A.S., Garg, S. & Vikas, S. (2009). Human Resource Development In Tourism: Developing A Training Strategy For Increasing Employability, International Journal of Travel and Tourism, Refereed International Journal, Vol.2, No.2., July 2009 (peer-reviewed) Lather, A.S., Jain S. & Vikas, S. (2009). Women Empowerment in Urban India: A Study of Working Women Professionals in Delhi, Delhi Business Review (bi-annual blind peer reviewed, refereed International Journal of Society for Human Transformation Research), Vol. 10 No 2. (peer-reviewed) Mathur, A.; Vikas, S.; Garg, U., Dagar, M. & Verma, S. (2022). Emotional Intelligence and Work Satisfaction Among Banking Professionals in India: An Empirical Study, IUP Journal of Organizational Behavior. Jul2022, Vol. 21 Issue 3, p69-90. 22p.(UGC Care) https://www.iupindia.in/0722/Organizational%20Behavior/Emotional-Intelligence.asp Trasca, T. I., Ocnean, M., Gherman, R., Lile, R. A., Balan, I. M., Brad, I., ... & Firu Negoescu, G. A. (2024). Synergy between the Waste of Natural Resources and Food Waste Related to Meat Consumption in Romania. Agriculture, 14(4), 644. Balan, I. M., Gherman, E. D., Gherman, R., Brad, I., Pascalau, R., Popescu, G., & Trasca, T. I. (2022). Sustainable nutrition for increased food security related to romanian consumers’ behavior. Nutrients, 14(22), 4892. Balan, I. M., Gherman, E. D., Brad, I., Gherman, R., Horablaga, A., & Trasca, T. I. (2022). Metabolic Food Waste as Food Insecurity Factor—Causes and Preventions. Foods, 11(15), 2179. Balan, I. M., Popescu, A. C., Iancu, T., Popescu, G., & Tulcan, C. (2020). Food safety versus food security in a world of famine. Food Safety Versus Food Security in a World of Famine. Journal of Advanced Research in Social Sciences and Humanities, 5(1), 20-30. Salasan, C., & Balan, I. M. (2022). The environmentally acceptable damage and the future of the EU's rural development policy. In Economics and Engineering of Unpredictable Events (pp. 49-56). Routledge. Lile, R., Constantinescu, S. C., Durau, C. C., Ocnean, M., & Balan, I. M. (2016). RESEARCH ON AQUACULTURE IN ROMANIA OVER THE PAST DECADE-QUALITY AND DYNAMICS. In 3rd International Multidisciplinary Scientific Conference on Social Sciences and Arts SGEM 2016 (pp. 1005-1012). Balan, I. M., Chis, S. S., Constantinescu, S. C., Ciolac, R. M., Sicoe-Murg, O. M., & Chis, S. (2016). Romanian imports evolution of fish and fish products according to quality classes. Journal of Biotechnology, (231), S101. Cornelia, P., Ioana, B., Petroman, I., DORA, O. M., Băneș, A., Trifu, C., & Diana, M. (2009). Național grading of quality of beef and veal carcasses in Romania acconrding to EUROP sistem. Food Journal of Agriculture & Enviroment science and technology, 7(3&), 4. Sălășan, C., & Bălan, I. (2014). Suitability of a quality management approach within the public agricultural advisory services. Quality-Access to Success, 15(140), 81-84. BALANCE OF RED MEAT IN ROMANIA - ACHIEVEMENTS AND PERSPECTIVES https://www.webofscience.com/wos/woscc/full-record/WOS:000385997200048 Nicoleta MATEOC SIRB, Paun Ion OTIMAN, Teodor MATEOC, Cosmin SALASAN, Ioana ... FROM MANAGEMENT OF CRISIS TO MANAGEMENT IN A TIME OF CRISIS