Blockchain-Based Trust and Identity Management in India’s UPI Ecosystem
Prof. B. Sudhakar Reddy
Senior Professor, Department of Economics, Dean, Faculty of Social Sciences, & Director, ICSSR-SRC, Osmania University, Hyderabad.
Dr. K. Shobha Rani
Associate Professor in Economics, Department of Economics, Government Degree College for Women, Hussainialam, Shah Gunj, Hyderabad.
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http://doi.org/10.37648/ijtbm.v16i01.002
Abstract
India’s Unified Payments Interface (UPI) has revolutionized retail digital payments by significantly reducing transaction costs, improving payment efficiency, and encouraging financial inclusion. Nevertheless, the rapid growth of UPI has also brought about increased challenges related to identity fraud, trust issues, and information externalities, which could undermine the long-term effectiveness and credibility of the digital payment system. Current security measures mainly rely on centralized intermediaries, creating single points of failure and elevating systemic risk.
Keywords: UPI; Digital Payments; Blockchain; Trust Economics; Transaction Costs; Financial Institutions; India
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