India's wildly popular payments system attracts scammers
Which countries outside India accept UPI payments?
Countries outside India that accept UPI payments include Bhutan, Mauritius, Nepal, Singapore, Sri Lanka, UAE, France, and several countries in Southeast Asia like Malaysia, Thailand, Philippines, Vietnam, Singapore, Cambodia, South Korea, Japan, Taiwan, and Hong Kong2. Additionally, India and Singapore have established a connection between UPI and PayNow, allowing quick and cost-effective money transfers between the two countries.
What is the Unified Payments Interface (UPI)?
The Unified Payments Interface (UPI) is a real-time payment system developed by the National Payments Corporation of India (NPCI). It allows users to transfer money between bank accounts instantly using a single mobile application, eliminating the need to enter bank details or other sensitive information for each transaction. UPI supports various payment methods, including peer-to-peer transfers, merchant payments, and bill payments, and is regulated by the Reserve Bank of India.
How has UPI affected Arun Kumar's business operations?
UPI has made Arun Kumar's business operations smoother by eliminating the need to handle cash and give change to customers. It has also reduced the risk of being robbed, as payments are made through the app-based instant payment system. However, Kumar remains wary of potential fraud and hopes for better mechanisms to prevent losses.