A groundbreaking new technology in the form of an “UPI ATM” was showcased at the Global Fintech Fest. The event was held in Mumbai on the 5th of September. This technology lead drew in praise even from the like of Anand Mahindra, who is the Chairman of the Mahindra Group.
The UPI revolution has been transformative for the Indian economy and the Indian people in more ways than one, and has made real time cashless transactions a norm across the country. According to Mr. Mahindra, this development should act as alarm bells for those in the Credit Card industry as the UPI trend have directly challenged the position of credit cards in the country as the most reliable form of digital transactions in India.
However, as will all digital technologies, it is also important to understand the security considerations and to ensure the greatest levels of security for the greatest number of people. While mobile phones have been made ubiquitous vehicles for the UPI revolution, it is equally important to ensure that these mobile devices themselves are kept and used safely.