International Journal of Financial Management and Economics
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E-ISSN: 2617-9229|P-ISSN: 2617-9210
International Journal of Financial Management and Economics
Printed Journal   |   Refereed Journal   |   Peer Reviewed Journal
Vol. 5, Issue 2 (2022)

Customer awareness on UPI and mobile banking: An exploratory study


Shubham Khandal

Banking has played a very important role in the economic development of India and calling it the life blood of modern commerce will not be inappropriate. Like other sectors of economy, banking has also seen digital transformation where customer service is not confined to bank branches only. Digitalization has made 24*7 banking a living reality and almost all banking services are available at finger tips of the customers. Digitalization has brought convenience to the customers and enabled banks to provide batter customer service at lower costs. Banks need to maintain staff and other infrastructures facilities to manual banking services but digital banking is highly cost effective alternative for the banks as the cost of transaction is very low. Earlier internet banking was only available on computers and people of low income group could not afford computers. Hence the reach of digital banking services was limited to high and middle income group of the country. But smartphone revolution has changed the whole face of digital banking. Smartphones have reached to every segment of the society and even low income people can afford smartphones due to their cheap prices. A smartphone can perform all functions of a computer and digital banking services can be provided on smartphones as well. Also a customer cannot carry a computer along with him everywhere but smartphone can be carried anywhere by the user. To take advantage of cost effectiveness and provide greater customer satisfaction, almost every Bank of the country has developed its own mobile banking applications and other platforms to shift their customers from manual banking to digital banking. After Note ban of 2016 and social distancing norms of COVID - 19, digital transactions have increased very sharply. Government is promoting digital transactions to curb down black economy and make India a cashless economy. Introduction of UPI and BHIM by NPCI was also an attempt by the government to make mobile banking more convenient and widely accepted medium of transaction. Various initiatives were taken by the government to promote digital transactions and their results are visible in the country. The researcher has made an attempt to study customer awareness on UPI/mobile banking, problems faced by users and their reasons of choosing UPI/mobile banking over tradition banking. The study is conducted on 300 respondents of Delhi.
Pages : 126-129 | 777 Views | 369 Downloads


International Journal of Financial Management and Economics
How to cite this article:
Shubham Khandal. Customer awareness on UPI and mobile banking: An exploratory study. Int J Finance Manage Econ 2022;5(2):126-129. DOI: 10.33545/26179210.2022.v5.i2.164
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