Authors: Mainoddin Imran Shekh, Hitesh Kiran Thokal, Dr. Prashant Kalwade
Abstract: This research project explores how Small and Medium Enterprises (SMEs) are shifting from traditional cash handling to using the Unified Payments Interface (UPI) for their daily business operations. In the past, small businesses heavily relied on physical cash, which often led to challenges like manual record-keeping errors, security risks, and the time-consuming process of depositing money at banks. However, the introduction of UPI has transformed this landscape by providing a real-time, digital alternative that simplifies how money moves in and out of a business. The study focuses on why SME owners are choosing to adopt this technology, looking at factors such as the ease of use, the lack of transaction fees, and the immediate settlement of funds into bank accounts. By moving away from physical cash, these businesses can now maintain more accurate financial records and enjoy better transparency in their accounts. The research also investigates the hurdles that some businesses still face, including technical glitches, concerns over digital security, and a lack of technical knowledge among older staff or customers. Through surveys and interviews with business owners, the project highlights that while the transition is not without its difficulties, the adoption of UPI is significantly improving the efficiency of cash management. Ultimately, the study concludes that digital payment adoption is no longer just a luxury but a necessity for SMEs to stay competitive and organized in a modern economy. This shift is not only helping individual shops and small factories manage their money better but is also contributing to the broader goal of a digital and cashless financial system.
DOI: https://doi.org/10.5281/zenodo.20323688
