A Systematic Review and Research Agenda of Digital Payment System with reference to Unified Payment Interface

Abstract

Purpose: India is undergoing a significant transition from a cash-based economy to a cashless or less-cash one. The smartphone and internet adoption paved the way for technological acceptability in many sectors, including money usage. Economic transactions are carried out using an electronic medium. Among the several e-payment options over the last five years, the Unified Payment Interface (UPI) has grown dramatically. Payment is one facet of a country's financial inclusion. The current study intends to provide a thorough evaluation of the literature on digital payments in relation to UPI and financial inclusion. It also examines the factors that influence UPI platform acceptability, continue to use and recommend others to use.

Design/Methodology/Approach: A thorough literature study is carried out in order to uncover research literature concentrating on important topics such as digital payment, technology acceptance and usage, digital financial inclusion, and unified payment interface. Using the SWOC and ABCD frameworks, the research need is identified and agendas are reviewed.

Findings/Result: According to a survey of the literature, the majority of the research was conducted to evaluate digital payment as a whole. Less study was carried out by concentrating on UPI, especially in relation to the component of digital financial inclusion. The advancement of technology constantly calls for more research.

Originality/Value: This is the first study to establish a link between Digital Payment, UPI and Digital Financial inclusion. The policymakers, service providers and researchers can make use of the results to understand and assess the role of UPI in making India a less cash society.

Paper Type: Systematic Review of Literature.