• Mr. Ravi Ranjan
• Mr. Amit Goyal

India has a big market for digital payments. Around 1.18 billion mobile connections, 700 million Internet users, and 600 million smart phones were present in the nation as of October 2021. Each quarter, these numbers increase quickly. India led the world in terms of transaction volume in 2020 with around 25.5 billion real-time payment transactions. NPCI launched a pilot programme in the Indian financial market with 21 member banks. Dr. Raghuram G. Rajan, Governor of the RBI, launched the pilot programme on April 11, 2016, in Mumbai. This paper will compare the use of cash in India with UPI transactions to examine the effects on the Indian economy. The traders, brokers, and intermediaries who predominated the Indian financial services industry used to complete transactions on paper. Today, computers that execute deals have taken the place of a trading floor's hum with a chilly silence. And a few touches on our mobile devices have taken the role of running to the bank for even the smallest of transactions. All of this has been made feasible by the Indian finance sector's fast digitization.

NPCI, UPI, Banks, Digital Payment

" UPI's effect on India's financial transactions", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.9, Issue 12, page no.d588-d591, December-2022, Available :http://www.jetir.org/papers/JETIR2212379.pdf

" UPI's effect on India's financial transactions", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.9, Issue 12, page no. ppd588-d591, December-2022, Available at : http://www.jetir.org/papers/JETIR2212379.pdf