Modi urges fintechs to build consumer-protection tools for gig and blue-collar workers
At the Global Fintech Fest in Mumbai, PM Modi called for a fintech Consumer Protection Index, stronger cybersecurity and products tailored to gig and blue-collar workers. He also urged wider cross-border payment links as UPI expands internationally.
What happened
PM Modi urged fintechs to develop a Consumer Protection Index, strengthen cybersecurity and serve gig and blue-collar workers. He highlighted UPI’s expansion to
Key facts
- Rs 2,400 crore UPI transactions in August
- UPI live in 11 countries
- 7.8% economic growth
- 10 years of UPI growth
Why this matters
Prioritize partnerships or acquisitions in fraud prevention, identity verification, financial wellness and cross-border payments to build trusted payment ecosystems for underserved workers.
What to watch
- Release of a formal fintech Consumer Protection Index framework, including provider scoring criteria or public disclosure requirements.
- RBI, NPCI or government guidance on fraud liability, dispute turnaround times, consent, digital lending or payment-app cybersecurity.
- Growth in UPI cross-border corridors and merchant acceptance partnerships in tourist and remittance-heavy markets.
- Rising fraud complaints, payment reversals or account-takeover rates among gig workers and low-income digital-payment users.
- Large delivery, marketplace or payroll platforms launching embedded insurance, earned-wage access or worker-focused credit products.
- Merchant-acquirer pricing or contract changes tied to fraud controls, customer-support obligations and security standards.
- Audit payment journeys for failed-payment recovery, unauthorized-transaction handling, refunds and customer dispute resolution; publish clear service-level targets.
- Require payment and lending partners to provide fraud-loss, chargeback, complaint-resolution and cybersecurity incident metrics segmented by vulnerable and first-time digital users.
- Develop worker-facing financial benefits for delivery, warehouse and frontline labor: faster earned-wage access, low-fee accounts, insurance, emergency savings and transparent credit options.
- Expand payment orchestration to include trusted local rails and cross-border payment options for inbound tourists, diaspora customers and international sellers.
- Increase fraud education at checkout and within worker apps, prioritizing phishing, account takeover, QR-code scams and social-engineering risks.