Unthinkable disaster for digital India.From petrol pumps in Maharashtra to BPCL assembly line UPI card payments to be halted by May 10 on rising cyber frauds Find why digital payments is under fire and what it means for you.
Digital Payments Under Fire: Cash Only in Maharashtra petrol pumps from 10th of May
Surge in Cyber Fraud Causes Gas Stations to lose Electricity over UPI/Card Payment
Petrol pumps in Maharashtra will not take UPI, debit and credit card or any kind of digital payments starting 1st May. The reason for the flood down in cyber fraud cases is fuel dealers who are left with huge losses and blocked account.
This is a surprise to the average consumer who has been used to quick scan or swipe payment for generations. What was a simple process at the pump is being replaced by the jingle of coins and bills.
The Rise of Digital Fraud forces Fuel Dealers to take the fight back
The move is NOT a protest it’s a fortification. Drivers complain that digital payments are a time bomb to be kept in the garage of fuel station owners. Cyberthiefs are taking advantage to the fuel pumps via stolen bank account numbers or credit/debit card details. The transactions are then being reversed via fraudulent complaint once payment is confirmed squeezing honest dealers with unpaid balances.
The problem, associations that represent petrol pump owners across Nashik, Vidarbha and some parts of Maharashtra say has expanded from sporadic glitches and glitches to an industry wide crisis. Freezes on accounts for disputed transactions are happening and the owners say they are losing more than ever without any government safety net.
Behind the Digital Dreams to a Land of Confusion
India’s digital payments system, a shining model for fintech pioneer once upon a time is under fire now. A need to be convenient turned into a heavy liability. Fuel dealers fear digital transactions may soon be eradicated as a business due to the unsustainable presence of fraud prevention tools.
Amit Gupta, President, State Petroleum Dealers Federation: ctd. Until the government assures imposition of stringent cyber security measures for digital payment acceptance and reimbursement norms in case of any fraud losses, acceptance will not be suspended.
Crisis Will It Spread To India as Well
The ban which is currently in force in Maharashtra only could see several states mirroring this action assuming the government does not act fast enough and other states will soon jump on the cash less route leading to a profound blow for India’s digital economy.
For those times motorists are advised to carry some cash when refueling in Red alert areas. Disruption has already started digital, will we nurse the system back in time?
