A Study of UPI Payments in India

Unified Payment interface is payment solution developed by National Payments Corporation of India(NPCI).UPI payment allows the users to transfer or receive money between the bank accounts which are linked with user’s mobile number, with the help of this mobile number user link to app with the BHIM-UPI app. The popularity and increasing number of transactions conducted on the UPI platform increases the likelihood of fraud or unauthorized debits without the consent of the account holders. Most of Indian Banks introduced their own UPI payments App integrating the BHIM-UPI platform, after the launch of NPCI’s UPI payment platform. Using UPI’s API and partnering with Indian Banks as well as some of other third-party companies have also created their own UPI payments app.144 Banks have already joined in UPI payment platform in April 2019. The popularity and increasing number of transactions conducted on the UPI platform increases the likelihood of fraud or unauthorized debits without the consent of the account holders. So all the mobile users must be aware of these probable frauds and has to be careful while using and making UPI payments.