Privacy Concerns In The Digital Payment Ecosystem

Kashish Wadhwa, OP Jindal Global University

ABSTRACT

In recent years, there has been a significant transformation in how financial transactions are carried out owing to the advent of digital payment systems. The advent of technologies such as the Unified Payments Interface (UPI) in India has significantly enhanced the convenience of money transfer by enabling seamless sending and receiving of funds. Nevertheless, the digital change process is accompanied by a notable array of privacy problems.

To effectively tackle these privacy problems, a comprehensive strategy is necessary, encompassing stringent data protection rules, enhanced security protocols, user awareness initiatives, and transparent guidelines about data management. Maintaining a harmonious equilibrium between convenience and privacy is crucial for ensuring the sustainable expansion of digital payment systems such as the Unified Payments Interface (UPI) in India and elsewhere.

This research paper examines the privacy concerns associated with digital payment systems and investigates prominent legal cases in India that underscore the significance of safeguarding users' data and privacy.

Keywords: Digital, Payment, UPI, Security, Data, Privacy