A Comparative Study of UPI Awareness, Usage, and Satisfaction Levels Among Gen X, Millennials, and Gen Z Consumers in Junagadh and Rajkot Districts

Abstract

UPI is a real-time payment system developed by NPCI that enables instant fund transfers between parties. In the blink of an eye, and without the need for an extensive list of bank details or bank cards, one can easily send money to anyone within seconds. With a surge in its usage and the merits it offers, UPI can rightly be considered a groundbreaking development in India’s financial landscape. The integration of UPI services has become an indispensable aspect of banking and commerce in India because of its convenience and speed. The Indian government's dream of becoming a cashless,
paperless economy has received a substantial boost from UPI. The COVID -19 pandemic further accelerated the adoption of UPI, with more consumers shifting to digital payment services. However, with India’s vast and diverse population, there is still considerable scope for further adoption of UPI, particularly in rural areas and among older generations. This study focuses on the awareness, usage and satisfaction levels of UPI services in two prominent districts of the Saurashtra region of Gujarat— Junagadh and Rajkot. It examines the correlation between awareness and usage levels amongst consumers from three different generations, alongside their satisfaction levels. The findings of this study could provide valuable insights for banks and government institutions aiming to enhance UPI adoption and promote a cashless economy. This comparative analysis between Junagadh and Rajkot may also help strategists for further improving UPI adoption level in these areas.