Traditionally, debit cards, credit cards, net banking payments and others have used two-factor authentication to secure a transaction, but the security measures hindered customer convenience. “In the payments ecosystem, security and convenience of a payment were in an inverse relationship. If the security component was up, then the convenience was down, and vice-versa. For example, debit and credit card payments have two-factor authentication mechanisms. This makes them secure but, at times, slow for the end consumer. But in UPI, a user just needs to remember their mobile number and have the UPI app installed on their phone,” says Saket Modi, an entrepreneur and co-founder and CEO of Safe Security, a cybersecurity and digital business risk quantification company.