Paper Title
Impact of Consumer Awareness on UPI & Digital Transactions in Rural and Urban India and The Influencing Factors
Abstract
The adoption and use of digital transactions, particularly the Unified Payment Interface (UPI), have been
increasing rapidly in India in recent years. This has led to a growing body of academic research on various aspects of UPI
and digital payments in India. This abstract synthesizes the insights gained from both the survey questions and academic
review of the earlier studies. The survey results indicate that most respondents use digital transactions frequently and
consider it an important service to have access to. Factors such as ease of use, scope for UPI usage at stores, and cashless
shopping were identified as the main influencers in adopting digital transactions. On the other hand, the academic journal
citations suggest that awareness and trust are critical factors that impact the adoption of UPI and digital transactions in both
urban and rural areas. Consumers who are more aware of the UPI system and have greater trust in it are more likely to adopt
digital transactions. The studies also reveal that perceived risk, such as the fear of fraud or data theft, can hinder the adoption
of UPI and digital transactions. Additionally, the studies indicate that during the recent pandemic, the adoption of digital
payments increased due to the need for contactless transactions. Overall, the survey responses, qualitative and quantitative
studies of this report underscore the importance of consumer awareness and trust in promoting the adoption of UPI and
digital transactions in India. Policymakers and practitioners can leverage these insights to develop targeted interventions
aimed at increasing awareness and trust, reducing perceived risk, and promoting the adoption of UPI and digital payments
across urban and rural areas in India.
Keywords - UPI Adoption in India, Digital Transactions in Rural And Urban India, Consumer Awareness, Influencing
Factors for Digital Payments, Impact of UPI on Cashless Shopping, Pandemic's Effect on Digital Payment Adoption, UPI
Usage at Stores