India Union Finance ministry: Digital transactions side effects, 95,000 cases registered in 2022-23
Transaction issues are normal when we use UPI as a payment method; server issues, network failure and many more. The India Union finance ministry revealed the data of transaction failure of last year.
As per the data shown by the India Union finance ministry to the Parliament shows that Unified Payments Interface (UPI) transaction fraud cases crossed the 95,000 mark in 2022-23 throughout the nation.
The number has increased as in the year 2020-21; the cases count was 77,000, and in 2021-22 the overall count was around 84,000.
The official data from the National Payments Corporation of India (NPCI) revealed that around ₹125 crores worth of UPI transactions were completed last year.
According to the ministry, Singapore, the UAE, Mauritius, Nepal, and Bhutan are among the nations that have implemented UPI, demonstrating the system’s widespread popularity around the world.
The information was made public in answer to a query about the rise in digital payment fraud cases in India posed by Rajya Sabha MP Kartikeya Sharma.
According to Dr Bhagwat Karad, a minister of state for finance, “UPI applications provide an in-app notice of a user initiating payment to an unknown beneficiary, the device-binding idea, wherein a user’s mobile number is linked with his mobile device, making it almost impossible for anyone to interject.”
According to Karad, the government has also established a nationwide portal for reporting cybercrime.
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