International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

Call for Paper Volume 8, Issue 2 (March-April 2026) Submit your research before last 3 days of April to publish your research paper in the issue of March-April.
Submit Research Paper Join as a Reviewer

Plagiarism is checked by the leading plagiarism checker TurnItIn

Call for Paper

Volume 8 Issue 2
March-April 2026

Submit your research paper

Indexing Partners
Academia Advanced Sciences Index Bielefeld Academic Search Engine CiteSeer DRJI Google Scholar Independent Search Engine & Directory Network ISI (International Scientific Indexing) Issuu Mendeley Research Networks
RefSeek ResearcherId - Thomson Reuters ResearchGate Scirus Scribd Semantic Scholar UTeM - Universiti Teknikal Malaysia Melaka Wiki for Call for Papers WorldCat Zenodo

Effect of UPI Adoption on Savings Behaviour of Indian Households: A Difference-in-Differences Analysis

Author(s) Saiom Patro
Country India
Abstract This study investigates the causal effect of Unified Payments Interface (UPI) adoption on household holdings of shares and debentures in India between 2003 and 2019. Using a difference-in-differences regression framework with district-level aggregated data from the National Sample Survey, supplemented by PhonePe transaction volumes, the analysis contrasts high-growth and low-growth UPI adoption districts. The key finding indicates that increased UPI transaction growth between 2018 and 2019 does not translate into statistically significant changes in household investment in shares and debentures (interaction coefficient p > 0.05). Although the regression model explains 44 percent of variation in shareholdings, the study faces critical limitations: aggregation to district level reduces sample size to 696 observations, the absence of household income controls introduces potential omitted-variable bias, and extreme multicollinearity (337 independent variables) inflates standard errors. The analysis finds no conclusive evidence that UPI adoption meaningfully drives household participation in formal securities markets, though the findings warrant cautious interpretation given the data constraints. These results suggest that either UPI's impact on portfolio composition is genuinely modest, or measurement refinements and household-level panel data are necessary to detect the effect credibly.
Keywords UPI adoption, household savings, difference-in-differences, financial inclusion, quasi-experimental design
Field Sociology > Economics
Published In Volume 7, Issue 6, November-December 2025
Published On 2025-12-18
DOI https://doi.org/10.36948/ijfmr.2025.v07i06.63524
View / Download PDF File

Share this



E-ISSN 2582-2160
CrossRef

CrossRef DOI is assigned to each research paper published in our journal.

IJFMR DOI prefix is
10.36948/ijfmr

Downloads
Research Paper Format Copyright Permission Form and Undertaking Form Cover Page Vol 8 Isu 2Cover Page Vol 8 Isu 1Cover Page Vol 7 Isu 6

All research papers published on this website are licensed under Creative Commons Attribution-ShareAlike 4.0 International License, and all rights belong to their respective authors/researchers.

CC-BY-SA Open Access

About IJFMR
Fees & Payment
Current Issue
Publication Archive 		Submit Research Paper
Track Submission Status
Publication Guidelines
Publication Ethics
Peer Review & Plagiarism 		Join as a Reviewer
Editors & Reviewers
Reviewer Referral Program
Get Reviewer Membership Certi. 		Website/Journal Policies
Usage Policy
Content Policies
Privacy Policy
Contact Us +91-9687-828-838 editor@ijfmr.com
Powered by Sky Research Publication and Journals