When finance merged with technology, it marked the beginning of a new era—FinTech—transforming
financial services into accessible, real-time, and user-centric systems. This study examines how major digital payment
systems have contributed to India‘s transaction landscape in the last year, with a specific focus on UPI and IMPS, which
consistently report the highest transaction volumes. The research evaluates whether there is a significant difference in the
mean transaction value and volume between these payment systems. To further understand the shift from traditional to digital
instruments, an additional t-test is conducted between UPI and CTS, representing online payments versus paper-based cheque
processing. This comparison identifies whether their mean transaction value and volume differ significantly, highlighting the
behavioral transition from manual to digital modes. All transactional data used in the analysis is sourced from NPCI. The
findings provide insights into the dominance of UPI, the position of IMPS, and the declining dependency on CTS, thereby
reflecting the broader evolution of India‘s payment ecosystem.
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