In a bid to address growing cyber fraud issues,  garment traders in Indore, Madhya Pradesh, have decided to stop accepting payments via the Unified Payments Interface (UPI). The decision was prompted by a surge in cyber fraud cases that have caused financial losses to several traders in the city.

The Retail Garment Traders Association of Indore, representing over 650 traders, announced that payments will now be limited to cash or credit cards. This step, they believe, will help safeguard traders from fraudulent online transactions and minimize financial risks.

The association has urged the government to implement stricter security measures for digital payment systems to restore trust in UPI transactions. In the upcoming meeting of the Ahilya Chambers of Commerce, the traders plan to advocate for enhanced security measures to protect both merchants and customers.

The decision has garnered widespread support among traders, with many displaying notices at their counters informing customers about the change. Until the government introduces measures to guarantee secure and fraud-free digital payments, the association has resolved to continue with this policy.

Cyber fraud has become a growing concern in India, with increasing incidents of fraudulent digital transactions impacting businesses and individuals alike. Scammers often exploit vulnerabilities in payment systems like UPI, leading to financial losses and frozen accounts.

For now, the textile traders in the area have shifted to accepting payments through cash or credit cards only. The association emphasized that a review of this decision will take place once concrete steps are taken to address cybersecurity concerns in online transactions.

The traders have urged the government to introduce stringent measures to enhance the security of digital payment systems, reflecting their growing concerns over cyber fraud. Recognizing the importance of trust in online transactions, they plan to bring up this critical issue during the upcoming meeting of the Ahilya Chambers of Commerce. By doing so, they aim to rally support from broader business networks and push authorities to implement robust solutions that can safeguard financial dealings for both traders and consumers. Strengthening these systems, they believe, will not only curb fraudulent activities but also restore confidence in digital payment platforms, fostering a more secure business environment.