The National Payments Corporation of India (NPCI) is leveraging Artificial Intelligence (AI) to enhance customer safety in digital transactions. According to Viswanath Krishnamurthy, NPCI's Chief Risk Officer, the organization is conducting a pilot study with public and private sector banks to integrate AI and Machine Learning for strengthening customer safety.
As UPI transactions continue to surge, with 18.30 billion transactions recorded in March alone, marking a 36% year-on-year growth, and a transaction value of around ₹24 lakh crore, reflecting a 25% increase in growth year-on-year, NPCI is developing a mechanism to send warning messages to customers before they transfer money to flagged accounts.
The organization is also spreading awareness about UPI-related transactions through multilingual television commercials featuring Bollywood actor Pankaj Tripathi. With UPI adoption growing at a 74% compound annual growth rate over the past five years, and over 460 million unique users onboarded since its inception, NPCI's efforts to enhance customer safety are crucial in maintaining trust in digital transactions.
