Grade 12 Economics Project - Synopsis

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 The Rise of UPI and Digital Payments


Introduction

India has a huge potential for digital payments. As of October 2021, the country had around 1.18 billion mobile connections, 700 million Internet users, and about 600 million smartphones. These numbers are growing rapidly each quarter. With about 25.5 billion real-time payment transactions, India ranked first in the world in terms of the number of transactions in 2020.

There are around ten methods to conduct digital payments in India, including UPI or the United Payments Interface. UPI was developed by NPCI in 2016; it facilitates peer-to-peer, person-to-merchant transactions.


Objective of the Project

This project will delve into the economic impact of the rising culture of digital payments in India, especially that of payments made through UPI.


Review of Literature

To create this project, I will be using various sources, including but not limited to:


Methodology

To create this project, I will take the following steps:

  1. Collect data and research material on the topic through secondary sources such as articles and reports.
  2. Organise the data and material under different headings.
  3. Analyse the data and material to draw some conclusions.


Questions

  • Some questions I hope to answer by doing this project include:
  • Why are digital payments on the rise?
  • What was the reason for introducing these methods?
  • How were these methods introduced to the Indian public?
  • What is the economic impact of these methods?
  • What is the UPI?
  • How has it aided in digital payments?

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