While there is a significant effort by the RBI to protect customers from online fraud and other risks associated with online banking and transactions, surprisingly it is entirely silent on another potential threat to customers regarding financial transactions.
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India is now a global leader in the adoption of digital payments accounting for 46 percent of worldwide real-time payments in 2022. With 89.5 million digital transactions, she has more transactions than the other four leading countries combined. The spectacular $3 trillion digital payment market, predicted to more than triple to $10 trillion by 2026, is because of rapid expansion in digital infrastructure, UPI-led migration to digital, pandemic-led acceleration of shift in customer preferences, growing merchant acceptance network, and disruptive innovations by fintech companies. It is now making inroads into global expansion with UPI payments in countries like Saudi Arabia, Singapore, Canada, UK, Australia, HK, UAE, Oman, Qatar and USA.