The Evolution of Digital Payments: UPI, E-Rupee and the Future of Currency - in the Context of Urban Patna

Abstract

E-rupee and digital payment systems are having a significant impact on India's financial landscape. The e-rupee is designed to promote financial inclusion, reduce reliance on cash, and establish a transparent financial ecosystem. Digital payment systems such as UPI and mobile wallets have already made considerable progress in bringing a vast number of people into the formal financial sector, reducing dependence on cash, and fostering a more efficient digital economy. These innovations offer convenience, efficiency, and security in financial transactions, aligning with government initiatives such as "Digital India" and policies that promote a less-cash economy. The continuous evolution of these systems is expected to further influence how individuals and businesses participate in India's financial ecosystem. The study examines the digital payment system in urban Patna, utilizing both primary and secondary data. The data was collected using designed questionnaires distributed through Google Forms and complemented with personal interviews. Secondary sources like e-journals, government reports, magazines, and newspapers were referred to enrich the analysis. It offers an in-depth understanding of how the usage patterns of E-Rupee and UPI payments can potentially bring about a transformative impact. The research outcomes provide valuable insights for policymakers, businesses, and financial institutions, assisting them in navigating the digital landscape in urban Patna.