© 2021 JETIR July 2021, Volume 8, Issue 7 www.jetir.org (ISSN-2349-5162) JETIR2107710 Journal of Emerging Technologies and Innovative Research (JETIR) www.jetir.org f698 UPI - An Innovative step for making Digital Payment Effective and factors affecting Consumer Perception On the use of UPI Authors: Rishabh Jha Xavier Institute of Management & Entrepreneurship, Bangalore-560100 rishabhj26blr@xime.org Rohit Kumar Xavier Institute of Management & Entrepreneurship, Bangalore-560100 rohit26blr@xime.org 1. Abstract: The National Payment Corporation of India (NCPI) launched the Unified Payment Interface (UPI), which is one of the most wonderful, modernised, and cost-effective inventions. The proliferation of smartphones, technological advancement, and effective internet communications have increased the importance of mobile payment services for smartphone users, financial institutions, and banks. The National Payment Corporation of India (NCPI) may have established a ground-breaking method of cash transfer through a virtual payment address, the Unified Payment Interface (UPI), in order to promote a paperless and cashless economy. For Indian shoppers, demonetisation offered a unique forum for accepting digital payments. Following demonetization, government reforms pushed for widespread adoption of cashless transactions. The repercussions of Demonetisation have resulted in a massive increase in digital payment use. Digital Payments have been around since the 1980s, so it isn't a new technology; the soil growth is in the various technologies that are used to perform digital payments. This paper discusses the UPI (Unified Payment Interface) digital payment technique, including its architecture, technologies, operations, parties involved in UPI transactions, benefits and challenges, and factors influencing consumer satisfaction. Concerning the use of UPI. The buyer's view of digital payment has a significant and optimistic effect on digital payment adoption. Data will be collected using a standardised Questionnaire form and secondary data sources such as NPCI to understand customer perceptions and intentions about digital payment. Since 36 percent of the Indian population is between the ages of 16 and 28, primary data will be collected from students and younger audiences across the country. Keywords: UPI, Digital Payments, Demonetization, Reliability Testing, NPCI, Exploratory Factor Analysis, Linear Regression. 2. Introduction: The Unified Payments Interface (UPI) is a real-time payment system developed by India's National Payments Corporation to facilitate inter-bank transactions. The Reserve Bank of India regulates the interface, which works by instantly transferring funds between financial institution-owned mobile platforms.