How Information Technology Changes the Transaction History

How IT changes the Transaction history - UPI

1. How IT change the Transaction Industry EPGDIB W 24-25 Abhishek (#02) Archit (#08) Arpit (#09) Nirupama (#29) Priyanka (#35) Udit (#41)

2. Digital India - An initiative of RBI for: Retail Payments Settlement Systems Bring innovations through technology for greater efficiency APB (Aadhar Payment Bridge) RuPay UPI NETC (FastTag) NFC (Near Field Communications) Hello!UPI (for IoT devices) #Fueling fintech innovation for robust business growth

3. #DigitalPayments karo #ChutkiBajake Real-time system with seamless and instant bank transfers Only payment system that allows you or online merchants to request money by sending a message, Minimise the hassle of depositing or withdrawing cash Safe as the customers share only the virtual address and provide no other sensitive information UPI Logo depicts a fast forward button in tricolour of the Indian Flag, which symbolises a fast method of payment

4. Architecture of UPI

5. Protocol of Successful Transaction

6. Evolution and Growth of Indian Payment System

7. Increasing Customer Preference towards Digital Payments

8. Benefits for Businesses Lorem ipsum dolor sit amet at nec at adipiscing Increased Tax Compliance The traceability of digital transactions has aided in reducing tax evasion and increasing tax compliance among businesses. Lorem ipsum dolor sit amet at nec at adipiscing Economic Inclusion UPI has played a crucial role in financial inclusion, bringing unbanked segments of the population into the formal banking system

9. Scalability

10. Road-Map of Technological Support in Scaling-up UPI

11. UPI Capturing India Digital Payment Industry ~12x Increase in UPI Share 15 Billion 114 Billion ~7x Increase in Digital Payments Cards NACH NEFT IMPS UPI Others 01 INDIA CHANGING LANDSCAPE IN DIGITAL PAYMENTS Prior to 2010, digital transactions saw single-digit growth. From 2010–2016, this figure rose to 28% owing to the launch of faster payment modes in the country and jumped to 56% in 2016–17 following demonetization. 02 UPI DOMINA N CE Start in 2016, UPI market share grow 12x from 2016-2023. Robust Transactions and User-Friendly Interface Surging Internet Penetration Primary factor of UPI Dominance 03 MARKET LEADER IN UPI INDUSTRY PhonePe and Google Pay Dominate UPI Industry Phone Pe Got Early Mover Advantage Both Companies has Wide Acceptance among Merchants

12. How IS Shaping India UPI Business Categories Business Categories: Foray From Traditional to Advance Categories Traditional Categories New Advanced Categories Water Electricity Bills DTH Credit Card Fast Tag Taxes Health & Life Insurance Gym Auto Pay Introduction Housing Societies Educational Institutes Mutual Funds Transaction Processing : Information systems handle the processing of millions of transactions daily on the UPI platform. User Support and Services : Information systems are designed with scalable architectures that can adapt to increasing transaction volumes and user growth. Real-Time Monitoring and Alerts: Information systems provide real-time monitoring and alerts to detect and respond to any issues or anomalies on the UPI platform. Security and Fraud Detection : Information systems implement robust security measures and fraud detection mechanisms to protect UPI transactions and user data.

13. Upcoming Innovation in UPI Biometric Authentication Incorporate Technology like fingerprint, facial recognition This will add extra layer of security, make transaction more faster and secure Voice Enabled Voice Recognition Technology Enhance user experience and accessibility for specially abled individuals as well Wearable devices Eliminating the needs of smartphones With build-in capabilities, devices allow swift and contactless transactions

14. Upcoming Innovation in UPI (cont.) International Remittances Recognition and adoption globally, may enable cross border transaction More fast and reliable to methods like wire transfer Open Bank Integration Access account Info of various bank via single UPI Interface Helps user to efficiently manage the finances Block Chain Integration This Technology will offer immutability, real-time verification and enhanced privacy Ensuring trustless and tamper proof payment system