The Future of Payments in India: An Analysis of Digital Rupee and UPI

The Reserve Bank of India’s digital rupee (e₹) and the Unified Payments Interface (UPI) are transforming the future of payments in India. In our research study, researcher adopted a qualitative method to understand existing literature on the topic. Official and non-official websites were analyzed for information. The study relied on secondary data only, as there was limited prior research in this area. This study analyzes the impact and potential of the digital rupee and UPI in the Indian financial landscape. The digital rupee, launched on December 1, 2022, offers many advantages over traditional paper currency, including security, accessibility, and government backing. The study also highlights potential drawbacks such as disruption to the banking system and security concerns. On the other hand, UPI is a platform for facilitating banking transactions, different from the digital rupee. The integration of the digital rupee with existing payment systems such as UPI and IMPS is expected to increase financial inclusion and reduce transaction costs. The study answers key research questions and concludes that the digital rupee and UPI have the potential to play a significant role in the future of payments in India.

https://www.forbes.com/advisor/in/investing/digital-currency-in-india/

https://en.wikipedia.org/wiki/Digital_rupee

https://economictimes.indiatimes.com/wealth/save/digital-rupee-do-you-need-a-bank-account-to-send-rbi-e-rupee/articleshow/96444341.cms

https://cleartax.in/s/how-to-buy-and-use-digital-rupee-in-india

https://www.hindustantimes.com/opinion/digital-rupee-can-transform-india-s-financial-transactions-101671588227755.html

https://indianexpress.com/article/explained/explained-economics/digital-rupee-pilot-project-launching-on-december-1-what-is-it-and-how-will-it-work-8296610/

https://economictimes.indiatimes.com/wealth/save/what-is-rbi-digital-rupee-important-features-how-it-is-different-from-cryptocurrency/articleshow/95875376.cms

https://www.ndtv.com/business/reserve-bank-of-india-digital-currency-e-rupee-rbi-to-launch-retail-digital-rupee-on-december-1-on-pilot-basis-3563017

https://indianexpress.com/article/explained/explained-economics/e-rupee-india-digital-currency-explained-8301325/

https://stableinvestor.com/2023/01/digital-rupee-e-rupee-india.html

https://news.cleartax.in/how-to-buy-and-use-digital-rupee-in-india/8697/

https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1218

https://www.valueresearchonline.com/stories/51932/advantages-and-disadvantages-of-e-rupee

https://hoit.uk/cryptocurrency/digital-dosh/?utm_source=rss&utm_medium=rss&utm_campaign=digital-dosh

https://timesofindia.indiatimes.com/business/faqs/banking-faqs/how-is-digital-rupee-different-from-upi/articleshow/96683930.cms

https://www.hindustantimes.com/business/explained-how-reserve-bank-s-e-rupee-is-different-from-upi-101670865768043.html

https://www.moneycontrol.com/news/business/how-e-rupee-is-different-from-upi-rbi-governor-explains-9664491.html

https://www.businesstoday.in/latest/economy/story/cbdc-vs-upi-what-differences-did-rbi-governor-shaktikanta-das-note-about-erupee-355564-2022-12-07

https://pwpblog.wpengine.com/difference-between-digital-rupee-and-upi-ft/

https://www.entrepreneur.com/en-in/news-and-trends/how-different-is-the-digital-rupee-from-cryptocurrency/440183 .

https://www.businesstoday.in/personal-finance/news/story/how-is-rbis-digital-rupee-different-from-cryptocurrency-354887-2022-12-01.

https://www.jagranjosh.com/general-knowledge/differences-between-digital-rupee-and-cryptocurrency-1667473292-1

https://frontline.thehindu.com/economy/digital-rupee-not-the-magic-bullet-central-government-is-hoping-for/article66281161.ece

https://news.abplive.com/business/crypto/experts-explain-benefits-and-technological-challenges-of-rbi-digital-rupee-1567032

https://economictimes.indiatimes.com/wealth/save/how-rbis-central-bank-digital-currency-digital-rupee-will-work-how-e-rupee-is-different-from-digital-money/articleshow/94705498.cms

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1882883

https://www.idfcfirstbank.com/finfirst-blogs/finance/digital-rupee-impact-on-indian-economy

https://techcrunch.com/2023/02/02/india-retail-reliance-cbdc-digital-rupee-stores/

Kanchan Vyas. “The Future of Payments in India: An Analysis of Digital Rupee and UPI.” REST Journal on Banking, Accounting and Busines 2(1), (2023):20-23.