Real –Time Payments: an Empirical Study Between Urban and Rural Population with Regard to Usage of UPI System

Abstract

Digital payments have emerged as powerful economic boosters in the digitalization era, driving financial inclusion, enhancing transaction efficiency, and fostering innovation across sectors." Ministry of Electronics and Information Technology (MeitY). (2022).Though the evolution of digitalization dates back to90s, the Adhaar Revolution, digital identity system, took place between 2009-2014.It enable d  digital KYC, e-signature, and biometric authentication, which is instrumental for financial inclusion and e-governance.and the era continued from demonetization and digital payments , saw the rise of UPI and Fin tech Ecosystem, which is still on. In this study, the author tries to compare the impact of Digitalization between  two groups, sample of people in formal services  and sample of people involved  in  informal services .  Chi-square test is adopted in order to test the hypothesis:1- (Variable: Uses digital payments (Yes/No) vs Group (Informal/Formal).Hypothesis :2 is based on  platform preference, Hypothesis :3is based on transaction purpose. Exploratory research is done using two different  questionnaire .They have been administered, to group of people, one is   formal services and the other is informal services. The responses and suggestions are analysed and   the findings presented.