• Dr. Pardeep Kumar

India's financial landscape has changed dramatically, shifting from a cash-based economy to one that is more focused on digital technology. The UPI, which was first introduced by the NPCI in 2016, has been essential to this development since it makes bank-to-bank transactions via mobile platforms quick, safe, and easy. As of May 2025, UPI accounted for more than 75% of all retail digital payments in India, facilitating over 14.5 billion monthly transactions worth over ₹20 lakh crore. This study examines UPI's development, capabilities, and growing significance in India's payment ecosystem by examining trends from FY 2017–18 to FY 2023–24. The usage of UPI has grown exponentially, according to the data, and there has been a noticeable shift from person-to-person (P2P) to person-to-merchant (P2M) transactions, which suggests increased commercial integration. With the help of advancements like UPI Autopay, UPI Lite, and credit card linkage, UPI has expanded financial inclusion and strengthened the basis of India's digital economy by providing wider access to smooth digital transactions. Despite obstacles including server limitations, cyber security threats, and digital illiteracy, its overall influence cannot be denied. Based on statistics from the RBI and NPCI, this paper emphasizes how UPI helped make India a global leader in fintech. The results highlight the significance of UPI in promoting digital payment systems that are inclusive, scalable, and prepared for the future in both local and foreign settings.

Keywords: Digital Payment, Digital Economy, UPI, NPCI

"The Growth and impact of UPI on Digital Payment in India", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.12, Issue 10, page no.c806-c812, October-2025, Available :http://www.jetir.org/papers/JETIR2510299.pdf

"The Growth and impact of UPI on Digital Payment in India", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.12, Issue 10, page no. ppc806-c812, October-2025, Available at : http://www.jetir.org/papers/JETIR2510299.pdf