Asia-Pacific · GDP rank #5
India
IN · INR @ 0.0104/USD
The single most important instant-payments story in the world. UPI cleared 22.35 billion transactions and ₹29 lakh crore (~US$340bn) in April 2026 alone, a +25% YoY expansion. The policy architecture (UPI + RuPay + Aadhaar-eKYC + Account Aggregator + ONDC) is the de facto reference stack for emerging-market digital finance. India is one of five founding IPSs inside BIS Project Nexus.
Tab 06
Fraud & security
Headline fraud totals and typology splits, the rollout of EMV chip, tokenisation, 3DS and biometrics, and the controlling data-protection and payments statutes.
Annual fraud losses
INR · FY2025
Includes card, UPI and net-banking frauds reported by scheduled commercial banks.
Loss rate
basis points on digital transaction value · FY2025
CNP share of fraud
% · FY2025
Fraud typology
Where losses come from
Card-not-present dominates every developed-market fraud profile — counterfeit and lost/stolen have both been mechanically suppressed by EMV and tokenisation over the last decade.
Share of card fraud
- UPI-enabled push payment fraud~55%
- Card CNP~30%
Authentication
What's deployed on cards today
EMV is the floor; tokenisation removes PAN from merchant systems; 3DS covers the CNP flow; biometric auth drives device-level wallet transactions. Adoption gaps between markets are the clearest signal of fraud-regime maturity.
EMV chip penetration
% · 2024
Tokenised transactions
% · 2024
Mandatory card-on-file tokenisation since October 2022 — the world's highest penetration.
3DS coverage · CNP
% · 2024
RBI mandates AFA/OTP on all CNP transactions — India was one of the first markets to enforce it.
Biometric mobile wallet txns
% of digital payments · 2024
Consumer protection
- Framework
- RBI Circular on Customer Liability + Integrated Ombudsman Scheme
- Max consumer liability
- ₹5,000–₹25,000 depending on transaction type and reporting delay; zero if reported within 3 working days
- Liability rules
- Zero liability for unauthorised transactions reported within 3 working days. Between 4-7 days, liability capped per transaction type (₹5k-25k). After 7 days, subject to bank policy. All scheduled commercial banks must run Enhanced Customer Due Diligence for transactions above ₹50k.
Source · RBI
Security standards
- ▌Card-on-File Tokenisation (mandatory Oct 2022)
- ▌Additional Factor of Authentication (AFA) for all CNP
- ▌RBI Master Direction on Digital Payment Security Controls (2021)
- ▌UPI 2.0 pre-authorised transaction mandates