Attention UPI users! Paytm, GPay, PhonePe apps are now…,your money will not be…

Attention GPay, PhonePe, Paytm: In a news update that may leave some of you worried, the very popular Unified Payment Interface, popularly known as UPI has been under threat due to the rise in the number of scammers who are using fake UPI applications of popular UPI apps like GPay, PhonePe, Paytm. By making fake apps that look similar to the originals apps, scammers scam UPI users and as a result, defraud you with the payment.

In a new worry for the UPI users, scammers are using fake payment apps to trick victim into believing that the transaction has been completed. Therefore, we request users to be alert about the transactions and check whether the transaction has actually been made or not. Also, users are advised not to download any unknown apps on their smartphones. More notably, if you encounter a suspicious fake payment app, you should immediately report it.

Update on UPI growth in India

In a major update from mobile payments industry, payments through mobile phones in India recorded a 41 per cent jump in transaction volume to 88.54 billion and a 30 per cent rise in value to Rs 197.69 lakh crore in the second half of 2024, as per a Worldline India’s Digital Payments Report (2H 2024), cited by news agency IANS.

The report from Worldline India’s Digital Payments Report 2H 2024 also said that India’s digital payments ecosystem witnessed a significant surge in the second half of 2024, driven by Unified Payments Interface (UPI), mobile payments and cards.

UPI witnesses massive growth

UPI saw strong growth in both person-to-person (P2P) and person-to-merchant (P2M) payments. P2P transactions increased by 30 per cent, rising from 27.04 billion in the second half of 2023 to 35.21 billion in the same period of 2024. The total value of these transactions also grew 26 per cent, reaching Rs 93.84 lakh crore.

(With inputs from agencies)

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