• Chandrashekar Hiregoudar
• Dr K T Gopi

The founder of UPI Mr Dilip Asbe dreamt of reaching the banking to all sectors of society with ease and convenience, today India is emerging leader in UPI transactions. The Rural and Urban divide in banking is shrinking faster than anticipated. The UPI has helped to improve the quality of life in rual environment by sae and secure transaction.The adoption of digital payment methods, during pandemic has enabled by wide number of banks which have backed the UPI system, as well as the indigenous RuPay credit and debit cards. A welter of private financial technology or fintech firms that offer tailor-made digital applications, and big technology and social media companies that have added payments with a view to enhancing stickiness with their core offerings have also been major enablers. The banking sector, however, has been at a relative disadvantage in leveraging the payments ecosystem for its core business growth as the spending on infrastructure to support and secure such payments has been disproportionately higher than for fintech and big tech rivals. The Government’s new incentive aims to level the field by offering payments in lieu of the commissions foregone by lenders in waiving the merchant discount rate they would otherwise have levied. The greatest advantage of UPI is continuously evolving to transform rural economies in a big way, a large number of nonbanking rural population in India is transforming in to paperless economy. The Indian revolutionary financial transformation in UPI age might make Indian Rupee the global currency and also alleviate Rural Urban divide in economic life substantially

UPI, Unified Payment Interface, Banking, money transfer. Quality of life

"IMPACT OF UPI IN BANKING ON SOCIAL CHANGE: A review of Socio-Financial transformation in Indian context. ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.11, Issue 1, page no.200-206, January-2024, Available :http://www.jetir.org/papers/JETIRGB06027.pdf

"IMPACT OF UPI IN BANKING ON SOCIAL CHANGE: A review of Socio-Financial transformation in Indian context. ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.11, Issue 1, page no. pp200-206, January-2024, Available at : http://www.jetir.org/papers/JETIRGB06027.pdf