Date of Publication :24th July 2023

Abstract: India, which once only relied on cash as the primary form of payment was transitioning towards a cashless economy as an outcome of demonetization. The advent of digital payments, particularly Unified Payments Interface (UPI) apps, gained significant traction during this transition, further accelerated by the COVID-19 pandemic. Seizing this opportune moment, several UPI apps emerged, positioning themselves within the dynamic landscape of digital payments. These apps garnered widespread popularity among users as they were fast, secure, easy to use and eliminated the need to carry cash. This growth in their usage contributed to the expansion of India’s digital ecosystem. This paper focuses on the remarkable growth of UPI and presents a comprehensive comparative analysis between two leading competitors in the Indian UPI ecosystem: Paytm and PhonePe.

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