Fact check: No, payment apps do not store sensitive data on phone; top five myths busted [Video]

Digital frauds have become quite common these days, with shocking incidents coming to light every other day. As fraudsters employ unique and new ways to scam unsuspecting users, there are some common misconceptions about digital payments that users widely believe. These burgeoning scams are a result of rapid adoption of digital payments. 

According to RBI, the internationalisation of the unified payments interface (UPI) is progressing rapidly, as India emerges as a world leader in leveraging digital technologies for transformative change. The UPI hit a milestone of 16.6 billion transactions in a month in October, with improvements in its capabilities like successful instant debit reversals at 86 per cent (77 per cent in the same month last year).

As the world observed Fraud Awareness Week from November 17 to 23, the global digital payments leader, Visa has busted some of the biggest myths.

The claim

Here are the top five misconceptions about digital payments:

1. Payment apps store sensitive payment credential information on …