Article
Assessing the Effectiveness of Unified Payments Interface (UPI) in Enhancing Consumer Payment Experiences in the Retail Sector
The retail payment landscape has undergone a complete revolution in India due to the advent of digital payment technologies, with Unified Payments Interface (UPI) being among the most popular payment technologies. This research will examine the effectiveness of UPI on improving the consumer payment experience in retail. In particular, the study investigates the impact of convenience, security, transaction speed and ease-of-use on consumer satisfaction and future use intentions. The method used in the study is quantitative research and the data collection method is a structured questionnaire, which was applied with 250 retail consumers. The analysis of collected data was descriptive statistics, reliability analysis, multiple regression analysis and correlation analysis. The results indicate that convenience, security, transaction speed and ease of use have a significant and positive impact on the consumer's experience when paying. Of these, transaction speed had the most significant impact on customer satisfaction, with convenience, ease of use and security following. The findings also highlight that positive experiences of payments leads to sustained adoption of UPI for retail payments. The study validates the Technology Acceptance Model and the Unified Theory of Acceptance and Use of Technology (UTAUT) and highlights the role of perceived usefulness, ease of use and trust in the adoption of digital payment. The results provide helpful information for policy makers, financial institutions, payment service providers and retailers aiming to foster better digital payment services and consumer confidence. The study finds that UPI has significantly improved the payment experience and played a crucial role in the growth of India's digital payment system.