Outlook Money
Unified Payments Interface (UPI) and other digital payment platforms have made transactions cashless, and thus, more convenient than before.
Users often tend to overspend as they have direct access to their bank accounts through their mobiles and are not ‘cash-trapped’.
The cashless nature of UPI resonates with several people, as it obviates the requirement to carry tangible currency.
UPI has no processing or transaction fees for person-to-person (P2P) or person-to-merchant (P2M) transactions, unlike credit and debit cards.
UPI and other digital transactions have found their way into our lives as digital wallets.
Exposure of one’s transaction habits and behaviours online could lead to financial security breaches, digital fraud, and identity theft. So, one must exercise due caution.