A Comparative Analysis Between Unified Payment Interface and Cards Payments (Credit Cards) with Respect to South Delhi Region

Abstract

With the launch of Unified Payment Interface by the National Payment Corporation of India in the Indian financial sector, it has proved to be a successful initiative to create a comfortable environment for the Indian customers. UPI has developed a space for the people where they do not have to depend exclusively on a single mode of transaction; they have the privilege to select from multiple applications which can cater to their requirements. Earlier there were other payment modes which to a certain extent has brought comfort to people’s lives in terms of doing daily transaction such as credit cards/ debit cards. Before the evolution of the multiple payment modes in the Indian market and complete digitization of the Indian economy, banking sector has launched card payment as a medium of doing daily payments and brought an ease into the lives of the Indian people. Under this paper, the researcher will be doing a thorough comparative analysis between the Unified Payment Interface and the card mode of payments (Credit Cards) & this research will be conducted under the descriptive research methodology with closed ended well- structured questionnaires designed in 5- point Likert scale. The acquired results will accentuate the advantages and disadvantages between both the payment styles in terms of 3 objectives such as: Security, Comfort and, Accessibility.