As the Indian economy moves under a stronger influence of digitisation, an urgent need has been felt to introduce technology that guides the common man on the path of simple digitisation. Without a basic and replete technological setup, the task of achieving a digital economy seems futile. With the recent demonetisation drive, one fact that has made itself abundantly clear to the masses is that hard cash is not going to rule the markets anymore. The monopoly of cash and its related activities has been significantly affected in the wake of such stringent decisions by the government, which is why there has been a spike in various banking services and guidelines that allow customers to shift to online modes of conducting transactions. Such is the effect of demonetisation that for a while, even a small vendor began using online wallets and transfers to make and receive payments. It is quite clear now that all activities involving exchange of cash have been hit hard!
In the wake up these recent changes, many banks have come up with sophisticated yet convenient ways, to allow their customers to transact nevertheless. One of these launches is the AXIS bank UPI App a Unified Payment Interface that can be brought to use for making and receiving payments. This dedicated step has been taken by most banking institutions in the interest of customers, who find it hard to manage cash payments. In a major way, online payment methods like UPI, have eliminated the need to carry large sums of cash along with them, wherever they travel.