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Business Standard

Digital payments jump, but robust fraud management key to users' safety

A safe payment system will help further the goal of financial inclusion and achieve higher, sustainable economic growth Listen to This Article India's digital-payment landscape has demonstrated remarkable expansion over the past few years. The recent data released by the National Payments Corporation of India showed that monthly transactions on the Unified Payments Interface (UPI) exceeded ₹25 trillion for the first time in a month — in May — and hit an all-time high of 18.68 billion in volumes. This reflects a 33 per cent year-on-year jump in transaction volumes, while the value was up 23 per cent. There was also a significant increase in the value and volumes of Immediate Payment Service, Aadhaar-Enabled Payment System, and FASTag transactions. Although a rapid