Authors:
Under the Center for Customer Protection, Dvara Research has been working on developing a market monitoring tool that leverages social media data to identify customer-facing issues with India’s leading payment infrastructure, the Unified Payments Interface (UPI). UPI facilitates low-cost, instant payment and interoperability across different banks operating in India. Given its simplicity at different stages, from onboarding to making payments, it has garnered immense popularity amongst Indian customers. Consequently, even a small percentage of transaction failure or other difficulties experienced while using UPI impacts a large number of customers, and can cause system-level tensions.
Therefore, it becomes crucial that regulators and providers be equipped with a tool that assists them in monitoring the ecosystem and identifying emerging issues before they adversely impact large sections of users. Thus, in addition to internal grievance redress systems’ data regarding customer experiences, it is important to deploy tools that can triangulate issues from other sources too. Social media emerges as a prime candidate for such an exercise, since increasingly customers are using it to voice their experiences, both good and bad.
Read about the ongoing work on the development of this tool by Dvara Research here.
Cite this blog:
APA
Singh, A., & Bhattacharya, D. (2023). Developing a Mechanism for ‘Market Monitoring of Customer-facing Issues with Unified Payments Interface (UPI)’. Retrieved from Dvara Research.
MLA
Singh, Anubhutie and Dwijaraj Bhattacharya. “Developing a Mechanism for ‘Market Monitoring of Customer-facing Issues with Unified Payments Interface (UPI)’.” 2023. Dvara Research.
Chicago
Singh, Anubhutie, and Dwijaraj Bhattacharya. 2023. “Developing a Mechanism for ‘Market Monitoring of Customer-facing Issues with Unified Payments Interface (UPI)’.” Dvara Research.
