Role of UPI and Mobile Wallets in Promoting Cashless Economies

The rapid adoption of digital payment technologies has become a defining feature of economic transformation in emerging economies, playing a crucial role in advancing cashless financial ecosystems. Among these innovations, Unified Payments Interface (UPI) and mobile wallets have emerged as scalable, interoperable, and user-centric solutions that facilitate real-time, secure, and cost-effective transactions. These platforms enhance transaction efficiency while embedding human-centric values such as accessibility, convenience, and trust, enabling broader participation in formal financial systems. Emerging economies, including India, face challenges related to financial exclusion, limited banking infrastructure, and gaps in digital literacy, particularly among rural populations, small businesses, and informal sector workers. UPI and mobile wallets help address these barriers by providing affordable, easy-to-use, and inclusive financial solutions that empower underserved populations to participate in the digital economy. This study adopts a descriptive and analytical research design, gathering primary data collected from a sample size of 100 respondents, through structured questionnaires from diverse users across different age groups, income levels, and occupational backgrounds. The survey explores user awareness, usage patterns, perceived convenience and security, and the impact of digital payments on reducing cash transactions. Statistical analysis, including percentage analysis and charts, is used to interpret the findings. Overall, the study highlights how UPI and mobile wallets foster financial inclusion, enhance transaction efficiency, modernise economic practices, and support sustainable and transformative change, demonstrating the convergence of technology, human-centric design, and sustainability in driving the growth of cashless economies in emerging markets.

UPI ( Unified Payments Interface), Mobile wallets

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