Potential Issues with Hello! UPI

Abstract

Digital payments landscape has witnessed rapid changes in recent years. With the introduction of the conversational payments feature in UPI known as Hello! UPI, the arrival of financial inclusion comes along with scope of financial frauds. The aim of the study is to evaluate the risks from the voice element of UPI and identify the vulnerable segments of the Indian population prone to such risks. Primary data was collected from 1,052 respondents through a structured questionnaire for the quantitative research design. The vulnerable segments include males, age group of 21-25, professional degree students, and income group of above Rs. 1,00,000 (monthly). The results indicate that to prevent the UPI-related frauds, governance has to keep pace with technological upgradation.

Keywords: Hello! UPI, technology, fintech, digital payments, UPI

JEL Classification: E58, G21, O33