Business Desk: The UPI payment applications in India faced widespread disruptions on Friday, 26 March. Due to this people encountered problems in transferring or receiving money through some prominent platforms like GooglePay and Paytm.
Both business and consumers struggled with transections at multiple places like supermarkets, restaurants, pharmacys to cabs throughout the country.
People who are not used to carry much cash anymore found the situation particularly difficult and challenging.
Banks across the nation were also outpoured with consumer complaints concerning failed transections.
The National Payments Corporation of India (NCPI) that facilitates services like the UPI have not yet addressed anything regarding the situation.
UPI has become a vital part of India’s economy. People across the country, including small businesses and street vendors heavily relay on UPI platforms for transactions.
A digital payment system like UPI would replace cash based economy was difficult to imagine in India not many years back. However, after its emergence in 2016, along with its phenomenal rise during and after the pandemic, it became an indispensable part of the economy and people’s daily lives. Consumers and business are now dependent on UPI, and any form of systematic malfunction could certainly disrupt the economy and bring life to a standstill.
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