IDEAS home Printed from
   My bibliography  Save this article

The Unified Payment Interface and the growth of digital payments in India: An analysis


  • Balakrishnan, Mahadevan

    (Consultant, Payment System Development Group, USA)


This paper analyses the massive growth in digital payments in India since 2010. In addition to discussing the various factors that have contributed to this, most notably the introduction of the Unified Payment Interface (UPI), the paper also highlights some of the challenges facing the UPI, and how these might be addressed. By way of comparison, the paper also analyses a similarly successful system, namely Brazil’s PIX. As many developing nations are now investigating UPI-like solutions and hoping for similar results, this paper sets out to improve understanding about digital payment infrastructure and the factors that have driven the successful growth of digital payments and the UPI in India in order to support such nations to determine the appropriate strategy going forward.

Suggested Citation

  • Balakrishnan, Mahadevan, 2023. "The Unified Payment Interface and the growth of digital payments in India: An analysis," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 17(3), pages 250-270, September.
  • Handle: RePEc:aza:jpss00:y:2023:v:17:i:3:p:250-270

    Download full text from publisher

    File URL:
    Download Restriction: Requires a paid subscription for full access.

    File URL:
    Download Restriction: Requires a paid subscription for full access.

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item


    digital payments in India; Aadhaar; UPI; PMJDY; direct benefit transfer; merchant payments; QR code; faster payments; payment pricing policies; Reserve Bank of India; PIX;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aza:jpss00:y:2023:v:17:i:3:p:250-270. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Henry Stewart Talks (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.