Indore garment traders stop using UPI for payments citing rise in cyber fraud
2 weeks ago

Indore garment traders stop using UPI for payments citing rise in cyber fraud

India Today  

Garment traders in Madhya Pradesh's Indore have decided to stop accepting payments through Unified Payments Interface, citing increasing cyber fraud cases. The Retail Garment Traders Association of Indore announced the decision after multiple incidents surfaced where traders faced monetary losses due to fraudulent UPI transactions. "Several traders have had their accounts frozen due to fraud involving UPI payments,' said Akshay Jain, president of the association. He added, "Until the government takes concrete steps to address these issues and ensure secure digital transactions, we will not accept UPI payments."

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History of this topic

How 16.73 billion UPI transactions killed the ubiquitous toffee business
2 days, 15 hours ago

How 16.73 billion UPI transactions killed the ubiquitous toffee business

Live Mint  

India's Unified Payments Interface transactions rose to 16.73 billion in December 2024, National Payments Corporation of India data revealed. Commenting on this narrative, Harshad Shah, a chartered accountant, said, “Before UPI, shopkeepers would trade Toffees for small change, stating shortage of Coins.” “These small amounts of change over weeks would amount to becoming vast sums of Money, which were never …

Scam Alert! How scammers tricked 81 UPI users in Mumbai and stole over Rs 1 crore in KYC scam
1 year, 9 months ago

Scam Alert! How scammers tricked 81 UPI users in Mumbai and stole over Rs 1 crore in KYC scam

Firstpost  

UPDATE: The National Payments Corporation of India shared an official statement which has been added to the end of the article. That hasn’t prevented scam artists from coming up with novel methods to defraud people using popular mobile payment applications. However, if the user returns the money using one of these UPI applications, the scammer will gain access to all …

UPI: the dawn of digital fintech nirvana
2 years, 6 months ago

UPI: the dawn of digital fintech nirvana

The Hindu  

If you own a smartphone, you have most probably done UPI-based payments using BHIM or some other mobile application. Secondly, a Payment Service Provider takes care of the to-and-fro transactions to this VPA and finally, the UPI software orchestrates the fund movement from a customer’s VPA to a target VPA and completes the transaction. A ubiquitous payment system The popularity …

Opinion | Bridging the financial divide digitally
4 years, 3 months ago

Opinion | Bridging the financial divide digitally

Live Mint  

The world economy has succumbed to the covid-19 pandemic over the past few months, leading to steep cuts in discretionary purchase. The phenomenal growth of the Unified Payment Interface in a country as diverse as India has drawn attention of all the big tech companies around the world with firms like Google requesting the US Federal Reserve to build a …

Wary of fake apps, many shopkeepers shy away from digital payment
5 years, 6 months ago

Wary of fake apps, many shopkeepers shy away from digital payment

India TV News  

With the growing popularity of payment apps based on Unified Payments Interface, a subsidiary of National Payments Corporation of India, scamsters are on the hunt. As India is acclimatising itself to UPI-based payment systems, there are many who resort to conning shopkeepers with fake apps. The description on the app's tutorial page reads, "This is a fun app, don't misuse …

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