The National Payments Corporation of India (NPCI) and the UPI ecosystem have announced the UPI Safety and Awareness project to raise consumer awareness.
The NPCI and its ecosystem of top banks and fintech will mark ‘UPI Safety and Awareness Week’ from February 1 to 7 and ‘UPI Safety and Awareness Month’ from February 1 to 28.
Under this initiative, NPCI encourages all consumers to adopt the UPI Safety Shield idea, which was developed by the firm to educate customers about UPI payments.
The UPI Safety and Awareness program will assist vulnerable and first-time clients in overcoming their worries of digital payments and guiding them toward secure UPI transactions.
As per the objective of the Government of India and the Reserve Bank of India, the ongoing safety awareness drive would pave the road for India to become a cashless society.
Over the next 3 to 5 years, it will help onboard the next 300 million consumers to digital payments and conduct a billion transactions each day on the UPI platform.
The Reserve Bank of India (RBI) has issued a warning to the public about unscrupulous elements who are cheating them and asked them to practice safe digital payments by taking all necessary safeguards when conducting financial transactions.
“We are glad to proclaim February 1-7 and February as UPI Safety and Awareness Week and Month,” stated Dilip Asbe, MD & CEO, NPCI.Our biggest defenses against cyber fraud, we feel, are vigilance and computer literacy.
NPCI wants to provide UPI to the last mile clients in the country’s hinterlands, to continue the Government of India and RBI’s objective of a less-cash economy.
In the next few years, we expect to onboard approximately 300 million new UPI clients and perform a billion transactions every day on the UPI platform.
We are certain that the UPI Safety and Awareness effort will prepare users to enter the unique environment of digital payments with confidence and to experience frictionless digital transactions like never before.”
With UPI breaking new records in terms of transaction volume and value month after month, as well as numerous unique functions like UPI AUTOPAY and IPO via UPI, it’s critical to educate users on how to utilize UPI safely.
UPI is completely safe and secure until the user unknowingly exposes private information or conducts a financial transaction utilizing two-factor authentication.
Fear and a lack of understanding are used by cybercriminals to fool susceptible people through a lottery, attractive emails, scam calls and messages, and other methods.
While the UPI platform provides a safe and secure environment in which to keep money safe, it also gives its users enormous power.
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