In a significant move to reinforce safety awareness on digital payment platforms, the National Payments Corporation of India (NPCI) has appointed celebrated Bollywood actor Pankaj Tripathi as its ‘UPI Safety Ambassador’. This appointment comes amidst ongoing discussions regarding the security and safety of digital payment platforms, particularly the Unified Payments Interface (UPI).
The NPCI announced its collaboration with Tripathi through a post on the social media platform X (formerly known as Twitter). In the video, Tripathi highlights various initiatives undertaken by NPCI, including UPI, RuPay, and IMPS, aimed at making digital payments both convenient and secure. He further emphasizes the extensive reach of UPI payments, spanning cities, towns, and villages across the country.
Tripathi underscores the importance of exercising caution when using these platforms. He advises users not to fear digital payments, as they are inherently secure. However, he stresses the need to use the appropriate app for each transaction and to follow the instructions provided in the UPI Safety Shield.
India’s digital payments landscape has witnessed significant growth in recent years, fueled by a combination of government initiatives, increased internet and smartphone penetration, and the surge in e-commerce. Private players offering a diverse range of digital payment services further support this ecosystem.
According to NIC data, UPI’s total transaction value stood at ₹125.95 trillion at the end of calendar year 2022, representing a 1.75-fold increase year-on-year (YoY). This value accounts for nearly 86% of India’s GDP in FY22. In FY 2021-22, 8,840 crores of Digital Payment Transactions were processed, with 87.20% current and savings accounts linked to Aadhaar numbers and 81.05% linked to mobile numbers. By the end of calendar year 2023, UPI’s total transaction volume had reached 83.75 billion.
To safeguard their digital transactions, users are advised to follow these essential guidelines:
- Never share your UPI PIN with anyone.
- Always verify the recipient’s UPI ID before making a payment.
- Entering your UPI PIN initiates a transaction, resulting in a deduction from your account.
- Scanning a QR code is solely for making payments, not for receiving money.
- Enter your UPI PIN only on the designated UPI PIN page.
- Verify transaction-related SMS notifications to ensure the accuracy of funds transfers.
For any transaction-related concerns, users can utilize the help section within their UPI app. NPCI maintains a team of experts available 24×7 to assist users with any queries or issues related to UPI transactions.