The payments industry is evolving, and so are consumer spending habits and expectations. On one hand POS credit transactions grew by 29.8% y-o-y, while debit card swipes increased by 14.4%, taking market share from cash payments. On the other hand, UPI transactions continued to witness increasing merchant acceptance and crossed 100 million users, allowing the e-payments ecosystem to thrive.
In that sense, 2019 has been yet another significant year for the payments industry in India and the pace of evolution here has gone into overdrive. And it is expected to only get faster. This makes it critical for payments companies, banks and other players in the space to anticipate what’s next—now.
Unfortunately, fraudsters have also been keeping pace with these developments, constantly in search of weaknesses to exploit. The latest RBI report quoted that the banking system in India detected frauds worth Rs 71,500 crore in the financial year 2018-19.