{"id":271614,"date":"2023-11-29T18:20:08","date_gmt":"2023-11-29T12:50:08","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=271614"},"modified":"2023-11-29T19:33:38","modified_gmt":"2023-11-29T14:03:38","slug":"unified-payments-interfaceupi-and-managing-the-surge-in-digital-fraud","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/unified-payments-interfaceupi-and-managing-the-surge-in-digital-fraud\/","title":{"rendered":"Unified Payments Interface(UPI) and managing the surge in digital fraud"},"content":{"rendered":"

Source: <\/b>The post is based on the article \u201c<\/span>Unified Payments Interface (UPI)<\/b> and managing the surge in digital fraud\u201d <\/b>published in <\/span>\u201cIndian Express\u201d on 29th November 2023<\/b><\/p>\n

Why in the News?<\/strong><\/h2>\n

Unified Payments Interface (UPI) has transformed the payments landscape in the country. But accompanying this is the sharp rise in digital\/financial frauds.\u00a0<\/span><\/p>\n

What has been the progress of UPI?<\/strong><\/h2>\n

1) In October, 11.4 billion transactions worth Rs 17.15 lakh crore were routed through this system.<\/span><\/p>\n

2) A significant share of these transactions are <\/span>peer-to-merchants and peer-to-peer transactions of less than Rs 2,000, suggesting its widespread use.<\/span><\/p>\n

3) However, <\/span>with this surge in digital transactions, financial frauds have spiked too. <\/span>As per the RBI\u2019s annual report, in 2022-23, 6,659 digital frauds (card\/internet) were reported amounting to Rs 276 crore.<\/span><\/p>\n

What is the proposed step by the government to take to tackle digital frauds?<\/strong><\/h2>\n

The Government of India is planning to introduce a minimum time threshold for transactions<\/strong>\u00a0occurring for the first time between two individuals<\/strong> beyond a prescribed amount.<\/span> This could create friction in payments, but is considered necessary\u00a0for alleviating cyber security concerns.<\/span><\/p>\n

What is Unified Payment Interface (UPI)?<\/strong><\/h2>\n
\"UPI\"
Source:<\/strong> WEF<\/figcaption><\/figure>\n\n\n\n\n\n\n\n\n\n\n
Specifications\u00a0<\/b><\/td>\nDetails<\/b><\/td>\n<\/tr>\n
Launched in<\/b><\/td>\n2016<\/span><\/td>\n<\/tr>\n
Developed by<\/b><\/td>\nNational Payments Corporation of India (NPCI)<\/span><\/td>\n<\/tr>\n
Regulated by<\/b><\/td>\nReserve Bank of India (RBI)<\/span><\/td>\n<\/tr>\n
Purpose<\/b><\/td>\n1) It is a system that powers multiple bank accounts into a single mobile application.
\n<\/span>2) <\/span>It allows users to send and receive money instantly using just their phone numbers or unique identifiers called UPI IDs.
\n<\/span>3) It allows both peer-to-merchants and peer-to-peer transactions.<\/span><\/td>\n<\/tr>\n
Key Features<\/b><\/td>\n1) Single mobile application for accessing different bank accounts.
\n<\/span>2) It is completely free of charge.
\n<\/span>3) <\/span>Immediate money transfer through mobile device round the clock.
\n<\/span>4) It allows both peer-to-merchants and peer-to-peer transactions.
\n<\/span>5) Single Click 2 Factor Authentication to ensure<\/span>\u00a0a high level of security.<\/span><\/td>\n<\/tr>\n
UPI apps<\/b><\/td>\nPhonePe, Paytm, Google Pay, Amazon Pay and BHIM, etc<\/span><\/td>\n<\/tr>\n
UPI 2.0<\/b><\/td>\nUPI 2.0 was launched in 2018. It offers several improvements over UPI such as overdraft facility, one-time mandate, invoicing, and signed intent and QR.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

UPSC Syllabus: Economy<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article \u201cUnified Payments Interface (UPI) and managing the surge in digital fraud\u201d published in \u201cIndian Express\u201d on 29th November 2023 Why in the News? Unified Payments Interface (UPI) has transformed the payments landscape in the country. But accompanying this is the sharp rise in digital\/financial frauds.\u00a0 What has… Continue reading Unified Payments Interface(UPI) and managing the surge in digital fraud<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127],"tags":[11872,10500],"class_list":["post-271614","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","tag-9pm-daily-factly","tag-indian-express","entry"],"jetpack_featured_media_url":"","views":{"total":8,"cached_at":"","cached_date":1701281104},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/271614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=271614"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/271614\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=271614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=271614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=271614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}