Impact of UPI Payments on small business growth
Keywords:
UPI Payments, Small Business Growth, Digital Transactions, Financial Inclusion, Cashless Economy, Business ScalabilityAbstract
The rapid adoption of Unified Payments Interface (UPI) in India has transformed the financial landscape, particularly for small businesses, by streamlining transactions and enhancing financial inclusion. This study explores the impact of UPI payments on the growth of small enterprises, analyzing key factors such as transaction efficiency, cost reduction, customer convenience, and business scalability. Through a detailed assessment, the research highlights how UPI adoption has minimized reliance on cash transactions, improved cash flow management, and expanded market reach for small businesses. Additionally, it examines the challenges faced by entrepreneurs, including digital literacy barriers, security concerns, and infrastructure limitations, which can influence the effectiveness of UPI integration. The findings provide valuable insights into the role of digital payment systems in fostering economic growth and offer strategic recommendations for enhancing the adoption of UPI among small business owners. This research contributes to the ongoing discourse on digital financial transformation, emphasizing the need for policy interventions and technological advancements to maximize the benefits of UPI in the small business ecosystem.
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