A Study On Consumer Preference of Unified Payment Interface (UPI) With Reference to Chennai City

Abstract : This study aims to analyze consumer preferences towards the Unified Payment Interface (UPI) in Chennai city. Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used on mobile devices to instantly transfer funds between two bank accounts. The study was done with the quantitative research approach, and data was collected through a structured questionnaire from 100 respondents residing in Chennai city. The questionnaire focused on various aspects such as awareness, usage, satisfaction, and preference towards UPI-based payments. The findings of the study indicated that the awareness and preference of payments through were high among respondents, with over 61 % preferred payment over UPI. The most common use cases for UPI payments were bill payments, online shopping, and Fund transfers. The research makes use of statistical analysis tools like ANOVA, chi-square, and percentage analysis to study various factors and determine the relationship between the variables.