ADVANCEMENTS IN MOBILE BANKING AND UNIFIED PAYMENTS INTERFACE (UPI): A CRITICAL ANALYSIS OF OPPORTUNITIES AND CYBER SECURITY CHALLENGES

Abstract

The proliferation of digital technologies has catalyzed a paradigm shift in India’s financial ecosystem, prominently exemplified by the advent of the Unified Payments Interface (UPI). As a catalyst for instantaneous and frictionless transactions, UPI has propelled mobile banking into the mainstream. Nevertheless, this rapid digital transformation has engendered a corresponding rise in cyber vulnerabilities such as phishing, identity theft, and malicious applications. This research critically examines the evolution of mobile banking, the transformative role of UPI, and the cybersecurity landscape associated with their use. The study further proposes strategic interventions aimed at fortifying user trust and mitigating digital threats.