Betting storm in IPL: 8.3 lakh crore transactions moved economy, upi got upset

IPL Betting:  While the Indian Premier League (IPL) is a source of entertainment and excitement for cricket fans, it has also become a season of technological challenges for India's banking system. The legal and illegal betting activities taking place during the tournament have put a lot of pressure on the IT infrastructure of banks. The Economic Times reports that IPL witnesses illegal betting worth over $100 billion annually in India. Most of this betting takes place through foreign online platforms, which provide services to Indian citizens through cryptocurrencies and 'mule accounts'.

egally operated fantasy sports platforms such as Dream11 and Probo are increasingly popular in India. These platforms enable users to place match-based bets with real money, necessitating secure and instant transactions via UPI.

UPI becomes the world's largest digital payment platform

India's Unified Payments Interface (UPI) has now become the world's largest real-time digital payment system. It processes transactions of more than three trillion dollars every year. Its ability to settle the transaction of such a large amount easily, fast and safe has made it a leading system globally. Its biggest feature is its speed and its easy access to people of every class, due to which it is becoming popular not only in India but worldwide. Now this technology of India has become an example for other countries as well, and many countries are taking steps towards adopting this model. India's success on digital payment is considered to be a big achievement towards its technological progress and financial inclusion.

Increased transaction pressure in IPL season, burden on server

During the IPL season, the number of digital transactions suddenly increases, which increases the pressure on UPI servers significantly. Due to this, the rate of failure in transactions also increases, which causes trouble for users. Every month, the National Payments Corporation of India (NPCI) releases a 'failure rate' report of banks, which helps customers decide which bank they should have an account with.

Enhanced transaction monitoring

RBI) has also taken a tough stance on banks' digital performance and cyber security. In such a situation, banks are now taking help from big data and artificial intelligence (AI) based analytics companies. Startups like Bengaluru-based VuNet Systems monitor about 1 billion transactions every day and process about 50 terabytes of data per day.