NPCI chief advocates for stronger legal systems to deter cyber frauds

A strong legal framework coupled with adequate customer awareness is needed to deter growing financial cyber frauds and prevent people from engaging in such crime, said Dilip Asbe, managing director and chief executive officer (CEO), National Payments Corporation of India (NPCI).

Speaking at the Bharat Fintech Summit in Mumbai, he said that economic incentivisation was required to expand the base of customers using India’s real-time payments system Unified Payments Interface (UPI). Currently, over 450 million users utilise digital payment methods such as UPI for retail payments.