A STUDY ON UPI TRANSACTIONS AND BANKING REVENUES AT PHONEPE

The Unified Payments Interface (UPI) has completely changed the way payments are made in India. It is easy, quick, and open to anyone to use the API to send digital files. A lot of people have gained from platforms like PhonePe, which were among the first to let people pay for things online instead of with cash. The rise in payments caused by UPI's zero-MDR policy does not directly benefit banks, but it has opened the door for new business models. For example, PhonePe has found new ways to make money by adding mutual funds, insurance, and retail options to its payment services. Financial institutions are becoming less reliant on transaction fees and more focused on making money through providing services. This change is an example of a larger trend. With UPI, both the possibility for new ideas and the problems that established institutions face when trying to adapt to India's rapidly changing digital economy are brought to light.