“The UPI figures for March have further solidified its position as the default payment method for millions. With the highest ever 22.64 billion transactions valued at Rs. 29.53 lakh crores, these volumes and values highlight UPI’s indispensable role as the backbone of India’s digital economy.
This scale is set to grow exponentially with the advent of agentic commerce, but such growth also amplifies the threat of fraud. The critical measures being taken by the Reserve Bank of India, including the recent two-factor authentication guidelines on all digital transactions and the ‘switch on and switch off’ facility highlighted in RBI’s Payments Vision 2028, are crucial steps to ensure security keeps pace with growth.
The onus is now on Payment Aggregators to drive the next phase of innovation to drive UPI payments security, like seamless biometric authentication, to ensure these necessary authentication guardrails do not come at the cost of convenience.
The convergence of proactive regulatory mandates and payment aggregator innovation will usher in an era where India boasts not only the largest and fastest real-time digital payments infrastructure in the world, but also the safest.”
