Latest news with #UnifiedPaymentsInterface
Economic Times
3 days ago
- Business
- Economic Times
Sania Mirza's sister Anam had to ask friends many times to pay her for coffee bill. But it is part of her master plan to control expenses
Anam Mirza, fashion entrepreneur and sister of Sania Mirza, revealed a significant financial change: eliminating UPI payments. This simple step made her more mindful of spending, curbing impulsive purchases. Initially challenging, this "financial detox" led to greater awareness and control over her finances, proving small changes can have a big impact. Tired of too many ads? Remove Ads Turning Off UPI to Tune Into Finances Life Beyond Digital Payments Tired of too many ads? Remove Ads Finding Passion in New Arenas Anam Mirza, known both as a fashion entrepreneur and the younger sister of tennis icon Sania Mirza, recently opened up about a small yet powerful financial change she made in her life. Through her Instagram series titled Little Changes, Big Impact, she revealed how stepping away from a common digital convenience helped her manage her expenses more one of the latest episodes, Anam shared that she had completely stopped using UPI (Unified Payments Interface) services. She deleted Google Pay from her phone and decided to take a break from scanning QR codes for payments. At first glance, it may seem like a minor adjustment, but the impact it had on her daily routine and spending habits was removing the instant accessibility of UPI apps, Anam found herself pausing before every purchase. She could no longer impulsively buy a cup of coffee or casually pay for small items with just a tap. This made her more mindful about every rupee spent. The lack of quick digital transactions forced her to think through each decision, giving her a clearer understanding of how her money was being used. What started as a challenge gradually became a routine that reshaped her approach to the transition wasn't smooth. Anam admitted she had moments where she had to borrow from friends, especially for little treats like coffee, since she was no longer carrying out instant payments. However, with time and consistency, this financial detox began to feel natural. Instead of feeling restricted, she began experiencing a sense of freedom—freedom from impulsive decisions and untracked Anam is best known for her fashion ventures and public presence, her personal life is equally rooted in rich traditions and strong relationships. In December 2019, she married Mohammad Asaduddin, son of cricket legend Mohammad Azharuddin. Their union was celebrated with a traditional Hyderabadi nikaah ceremony. What makes their love story more heartwarming is the deep-rooted connection between their families, built over years of camaraderie and shared the city both call home, is more than just a location—it's a symbol of their intertwined histories and deep affection. It has played a pivotal role in shaping their lives, from childhood friendships to married life, making it a central part of their though tennis is Sania's domain, Anam has carved out her own space in the sports world. She recently collaborated with Global Sports to promote the Dubai Pickleball Open. Though she doesn't claim athletic prowess like her sister, Anam has found a new appreciation for the sport. Her willingness to explore new interests while managing her professional ventures showcases her versatility and willingness to evolve—both personally and small lifestyle tweaks like quitting UPI, Anam proves that sometimes, the simplest changes can have the biggest impact.
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Business Standard
3 days ago
- Business
- Business Standard
Govt, UPI apps to lay real-time digital tripwire for every payment tap
Extra layers of scrutiny to guard the digitally unversed Ajinkya Kawale Aashish Aryan Mumbai/New Delhi Listen to This Article The government is working with third-party Unified Payments Interface (UPI) applications (apps) such as Google Pay, PhonePe, and Paytm, among others, to implement stricter safety measures that flag and block in real time any suspicious peer-to-peer and person-to-business transactions, several people familiar with the developments told Business Standard. The move aims to curb fraudulent transactions happening through these third-party application providers (TPAPs), especially among less digitally literate users of these apps, an official said. 'The idea here is to ensure that any or all transactions, irrespective of the amount, go through higher checks and balances — even if the total
Time of India
3 days ago
- Business
- Time of India
Roundtable flags challenges in trade policy, calls for sectoral consensus
MUMBAI: The Centre for Policy Research and Governance (CPRG) flagged key challenges in India's trade policy at a roundtable held in Mumbai on Tuesday, calling for stronger coordination across industry, finance, and policy institutions to address rising trade barriers. Tired of too many ads? go ad free now The session, part of CPRG's ongoing Trade Roundtable Series, focused on the impact of tariff and non-tariff hurdles on steel and aluminum industries and the role of trade finance in ensuring resilience. Hosted at the National Stock Exchange (NSE), the roundtable brought together representatives from financial institutions, manufacturing firms, policymakers, and regulatory bodies. Discussions highlighted how India must adopt a proactive and strategic approach to protect its economic interests amid shifting global trade dynamics. Ashish Chauhan, managing director and CEO of NSE, underlined the potential of India's services sector. 'Our strategy need not be reactionary. While we may work on improving goods exports with finance, technology upgradation, incentives, policies and trade deals, our services and experience-driven sectors have boundless potential,' he said. Senior RSS functionary, Sunil Ambekar, noted the importance of recalibrating India's trade position. 'India has always welcomed international trade, but it's now vital to assert our interests with clarity and strength,' he said. 'This is the right time to strategically renegotiate our trade positions in line with national priorities.' Participants also discussed trade-related priorities such as enhancing the competitiveness of GIFT City, integrating the Unified Payments Interface (UPI) into international trade finance, and aligning trade benefits across multinational corporations and MSMEs. Tired of too many ads? go ad free now CPRG director Ramanand said the roundtable was aimed at fostering cross-sector alignment. 'Continuous dialogue between economists, industry, and institutions is essential to navigate the complexities of the global trade landscape. Our approach should be to build consensus among all stakeholders while also holding India's economic interests on priority,' he said. The CPRG Trade Roundtable Series will continue with sector-focused discussions. The next session is scheduled for June 30 in Delhi and will involve stakeholders from manufacturing and startup sectors.
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Business Standard
3 days ago
- Business
- Business Standard
1 in 5 UPI users faced fraud; 51% victims didn't report, reveals survey
One in five families with a Unified Payments Interface (UPI) user has experienced fraud at least once in the past three years, according to a new survey conducted by LocalCircles. The findings come as UPI transactions have soared, with 185.8 billion transactions recorded in FY2024–25 — a 41.7 per cent increase from the previous year, accounting for 83.4 per cent of the total digital payment volume in the country. The survey, which gathered over 32,000 responses from UPI users across 365 districts, found that fraudsters are exploiting the rapid adoption of UPI through a variety of tactics. Of those who reported experiencing fraud: Many victims experienced more than one type of fraud, underscoring the sophisticated and evolving methods used by cybercriminals. Underreporting of fraud incidents A particularly concerning finding is that 51 per cent of those who experienced UPI fraud did not file any official complaint, whether with the police, their bank, the UPI platform, or regulatory bodies such as the National Payments Corporation of India (NPCI) or the Reserve Bank of India (RBI). This significant underreporting suggests that the true scale of UPI-related fraud is likely much higher than official statistics indicate. Regulatory and technological response The RBI's Annual Report for FY2024–25 noted a sharp rise in digital payment frauds, with 13,516 cases accounting for 56.5 per cent of all reported banking frauds and losses totalling Rs 520 crore. While not all these cases are UPI-specific, the inclusion of UPI in these figures reflects its vulnerability as a target for fraudsters. To combat these threats, several measures have been implemented: - The RBI has set up the Central Payment Fraud Information Registry (CPFIR), which uses artificial intelligence and machine learning to track and report payment frauds. - Security features such as device binding, PIN-based two-factor authentication, and daily transaction limits have been introduced. The daily UPI transaction limit is Rs 1 lakh, with higher limits for specific transaction types. - The government has launched the National Cybercrime Reporting Portal and helpline 1930 for reporting suspicious activities. - The RBI is developing a Digital Payments Intelligence Platform, leveraging advanced technologies for real-time fraud detection and mitigation. A committee led by former NPCI MD and CEO AP Hota is overseeing this initiative. - In December 2024, the RBI introduced an AI-ML-based tool to identify mule accounts used for illegal activities, piloted successfully in two public sector banks. - Exclusive internet domains (. and . are being rolled out to combat phishing and enhance trust in digital banking. Public awareness, need for simplified reporting Despite these measures, user feedback from the survey indicates a pressing need for easier, single-click fraud complaint reporting that is both responsive and effective. Many users expressed frustration with the complexity and inefficiency of current reporting mechanisms. The study recommends that all stakeholders—including the government, RBI, NPCI, banks, and payment platforms — work towards a streamlined, user-friendly system for fraud reporting, with timely response and resolution.
Time of India
4 days ago
- Lifestyle
- Time of India
Sania Mirza's sister Anam had to ask friends many times to pay her for coffee bill. But it is part of her master plan to control expenses
Turning Off UPI to Tune Into Finances Life Beyond Digital Payments Finding Passion in New Arenas Anam Mirza, known both as a fashion entrepreneur and the younger sister of tennis icon Sania Mirza, recently opened up about a small yet powerful financial change she made in her life. Through her Instagram series titled Little Changes, Big Impact, she revealed how stepping away from a common digital convenience helped her manage her expenses more one of the latest episodes, Anam shared that she had completely stopped using UPI (Unified Payments Interface) services. She deleted Google Pay from her phone and decided to take a break from scanning QR codes for payments. At first glance, it may seem like a minor adjustment, but the impact it had on her daily routine and spending habits was removing the instant accessibility of UPI apps, Anam found herself pausing before every purchase. She could no longer impulsively buy a cup of coffee or casually pay for small items with just a tap. This made her more mindful about every rupee spent. The lack of quick digital transactions forced her to think through each decision, giving her a clearer understanding of how her money was being used. What started as a challenge gradually became a routine that reshaped her approach to the transition wasn't smooth. Anam admitted she had moments where she had to borrow from friends, especially for little treats like coffee, since she was no longer carrying out instant payments. However, with time and consistency, this financial detox began to feel natural. Instead of feeling restricted, she began experiencing a sense of freedom—freedom from impulsive decisions and untracked Anam is best known for her fashion ventures and public presence, her personal life is equally rooted in rich traditions and strong relationships. In December 2019, she married Mohammad Asaduddin, son of cricket legend Mohammad Azharuddin. Their union was celebrated with a traditional Hyderabadi nikaah ceremony. What makes their love story more heartwarming is the deep-rooted connection between their families, built over years of camaraderie and shared the city both call home, is more than just a location—it's a symbol of their intertwined histories and deep affection. It has played a pivotal role in shaping their lives, from childhood friendships to married life, making it a central part of their though tennis is Sania's domain, Anam has carved out her own space in the sports world. She recently collaborated with Global Sports to promote the Dubai Pickleball Open. Though she doesn't claim athletic prowess like her sister, Anam has found a new appreciation for the sport. Her willingness to explore new interests while managing her professional ventures showcases her versatility and willingness to evolve—both personally and small lifestyle tweaks like quitting UPI, Anam proves that sometimes, the simplest changes can have the biggest impact.
