Kerala Police have issued a warning about a new cyber fraud where scammers are using the image of Chief Minister Pinarayi Vijayan in fake social media advertisements to trick people into making online payments through PhonePe.
'This will bring in a lot of net new users to UPI.'
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
Link your UPI app to a separate bank account or wallet that has only a limited sum.
'If you are not prudent, you may exceed your budget, and if it happens too often, you may end up in debt.'
Post your financial planning queries for rediffGURU and financial planning expert, Colonel Sanjeev Govila.
PhonePe said on Tuesday it has launched a service that will allow the fintech firm's Indian users traveling abroad to pay foreign merchants using Unified Payments Interface (UPI). 'UPI international' supports merchant outlets in UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR (quick response) code. Users will be able to make direct payments in a foreign currency from their Indian bank, like they do with international debit cards.
There will be no charge for RuPay credit card use on Unified Payments Interface (UPI) for transactions up to Rs 2,000 in line with the RBI direction, a recent NPCI circular said. RuPay credit card has been operational for the last four years, and all major banks are enabled and are issuing incremental cards for both commercial and retail segments. "During credit card on-boarding on the apps, the device binding and UPI PIN setting process shall include and be construed as customer consent for credit card enablement for all types of transactions," the circular dated October 4 said.
RBI Governor Shaktikanta Das on Tuesday launched a new service, which will enable over 40 crore feature phone users to undertake digital payments in a secure way. The service christened UPI (unified payments interface) '123PAY' is a three-step method to initiate and execute services for users which will work on simple phones which do not have an internet connection. Das said, as of now, the multifaceted features of UPI are mostly available only on smartphones, which excludes people from the lower rung of the society from an economic perspective, especially in the rural areas, from accessing the popular service, even though the smartphone prices are going down.
Its statement also said Facebook does not use WhatsApp payments information for commercial purposes.
Tripti Rai explains the unique features of Bharat Interface for Money (BHIM) app developed by the National Payment Corporation of India.
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