Policymakers, regulators, and stakeholders must join forces to craft a framework that guarantees the smooth integration of UPI with global payment systems
Transfer of money to wrong UPI number: There might be a situation when a particular mobile number which was linked with unified payment interface (UPI) got deactivated and got allocated to another individual who in turn has linked the said mobile number with his bank account. This can result in unintentional transfer of money to another individual.
India, home to more than a billion people, is set to see a global expansion of the Unified Payment Interface, or UPI, which is the country s most widely used payment system. Find out more here.
Our most popular payment interface, UPI is set to launch Tap-to-Pay feature by 31 January this year. Find out how the NFC enabled feature means for its users.
The transactional use of cash has been on a decline and is increasingly getting substituted with digital modes of payments, even as the store-of-value role of cash remains intact, said the paper.