UPI: A Revolution in Indian Payment System, BUT?

UPI: A Revolution in Indian Payment System, BUT?
Case Code: CLFIN038
Case Length: 5 Pages
Period: -
Pub Date: 2022
Teaching Note: Available
Price: Rs.300
Organization : National Payments Corporation of India
Industry :Financial Services
Countries : India
Themes: Technology in Financial Services,Mobile Digital Platform, Securing Mobile Platforms
UPI: A Revolution in Indian Payment System, BUT?


The Unified Payments Interface (UPI) was developed by the National Payments Corporation of India (NCPI) as a solution to the problems created as a result of demonetization in India in the year 2016.

UPI emerged as a simple, easy to operate, and cost effective solution for retail payments and settlements in India.

Apart from banks, NPCI also permitted third party technology companies to provide payments services using the UPI platform developed by it. The demonetization in 2016 made people opts for cashless transactions and Covid-19 made these transactions highly popular across the country. UPI played an active and instrumental role in the retail payments and settlements processes in India.

Despite the growing importance of UPI based payments and settlements, there has been concern over the growing number of frauds related to UPI.

Though UPI is considered technically competent, lack of awareness and exposure in using the payment platforms has been creating problems for the users, with fraudsters taking them for a ride.

With cashless transactions poised to grow exponentially, UPI needs to act quickly to reduce the chances of fraud occurring.


  • Understand the role of UPI in payments and settlement systems.
  • Understand the reasons for the increasing number of UPI frauds.
  • Gain awareness on UPI frauds.
  • Understand the role of NPCI in controlling the UPI frauds .


The Unified Payments Interface (UPI), a payment system developed by the National Payments Corporation of India (NCPI) , allowed users to transfer or receive money instantly. For example, users of a third party payment app like Phone Pe, Paytm, Google Pay, etc , that functioned based on UPI could transfer or receive money to and from multiple bank accounts by using a mobile number/account number associated with a bank with no or less transaction charges..


National Payments Corporation of India (NPCI); Unified Payments Interface (UPI); Google Pay; Phone Pe; BHIM; UPI ID; UPI PIN; UPI Frauds; QR Codes

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