UPI transactions in April-September grow 35% to Rs 122 lakh crore

UPI transactions in value in the current year have grown by 34.5 percent

UPI transactions grew 34.5 percent in value in the April-September to Rs 122 lakh crore from Rs 90.7 lakh crore in the year-ago period. The volume grew 46 percent at 8,566.52 crore, minister of state for finance Pankaj Chaudhary told the Lok Sabha on November 25.

As many as 6.32 lakh UPI fraud cases whose value was at Rs 485 crore were reported during the period, the minister said in a written reply.

The government, Reserve Bank of India and National Payments Corporation of India (NPCI), which operates the real-time payments system, have taken various steps to prevent payment frauds, including UPI transactions. These includes “device binding” between customer mobile number and the device, two factor authentication through PIN, daily transaction limit, limits and curbs on use cases, etc.

NPCI provides a fraud-monitoring solution to all the banks to enable them to alert and decline transactions for fraud mitigation by using AI/ML based models, the minister said.

RBI and banks have also launched awareness campaigns through SMS and radio as well as making public aware of cybercrime and their prevention.

The central bank is collaborating with various stakeholders to expand the outreach of UPI by linking it to Fast Payment System (FPS) of other countries for personal remittances on reciprocal basis, acceptance of UPI apps via QR codes at merchant locations abroad and vice-versa and deployment of UPI-like infrastructure in other countries, the written reply said.