1. Cyber-Fraud "Pandemic": As UPI transaction volumes grow, so does the target for scammers. Phishing, "collect request" scams, and social engineering are rampant. In India, a significant percentage of cybercrime is now UPI-related because the system is too easy to use.
2. Systemic Fragility: We are putting all our eggs in one basket. If the NPCI servers or a major bank’s core system goes down for even a few hours, it can paralyze the daily life of millions who no longer carry cash.
3. The "Digital Divide": While UPI helps many, those who aren't tech-literate (like the elderly or those in remote areas with poor data) risk being left behind in a society that is becoming "anti-cash."
4. Data Privacy: With billions of payment data points on where you eat, what you buy, and where you travel, the potential for mass surveillance or data breaches is a genuine concern for civil liberties.
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