A STUDY AND GROWTH OF FUND TRANSFERS THROUGH UNIFIED PAYMENT INTERFACE (UPI) IN INDIAN BANKING INDUSTRY

K. Vijaya Kumar, H. Jagir Hussain

Abstract


In recent years, various new innovations in banking industry takes place. The people can easily transact with banks. Starting from the ATM service, banks introduced ECS, RTGS, EFT, NEFT,  Retail banking, Debit and Credit cards,  online banking, mobile banking and many more value added products and services. Throughwhich people can transact digitally. Banking industry in India is facing number of challenges and new regulations from time to time and great advances in technologies. The recent developments in digital transaction is Unified Payment Interface called as UPI. Banks are investing heavily in adoption of these new innovations. The research paper focuses on the growth of UPI in Indian banking industry.

Keywords


Fund Transfers, Digital Transactions, Indian Banking Industry, Unified Payment Interface (Upi), Retail Banking, Debit and Credit Cards.

References


Dansena P, Agarwal N, Patel A, and Srivastav A. (2014). "Survey the Electronic Fund Transfer Systems in use across the World and Comparison with Indian Scenario", International Journal of Advanced Research in Computer Engineering & Technology, Vol.3(8), pp.2827-2831.

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Shy O. (2012). "Account-to-Account Electronic Money Transfers- Recent Developments in the United States", Review of Network Economics, Vol.11(1), available online on https://doi.org/10.1515/1446-9022.1297.


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