Garment traders in Indore, Madhya Pradesh, have stopped accepting payments through the Unified Payments Interface (UPI), citing increasing cases of cyber fraud.
The Retail Garment Traders Association of Indore, representing over 600 traders, announced that payments will only be accepted via cash or credit cards. The move comes after multiple reports of fraudulent UPI transactions led to monetary losses and frozen accounts for several traders.
Akshay Jain, president of the association, explained that the decision aims to safeguard traders until the government implements measures to secure digital transactions. “Until the government takes concrete steps to address these issues and ensure secure digital transactions, we will not accept UPI payments,” Jain stated.
The association has called on the government to implement stricter digital payment security measures and plans to raise the issue at the next meeting of the Ahilya Chambers of Commerce. Traders believe that these steps are essential to curb online fraud and restore trust in digital payment systems.
The decision has received broad support from the association’s members, who view it as a necessary measure to prevent further financial losses. The traders emphasized that the ban on UPI payments will be reconsidered only after the government introduces effective solutions to ensure fraud-free transactions.
