That's great, and something which all other payment systems should also adapt. As it stands now, no payment method offers any fraud protection mechanism except for Visa and Mastercard - and also UPI as you mention. Not even old school bank transfers have fraud protections.

> Why would any system of payment not have a chargeback mechanism if someone stole from you?

I couldn't agree more.

I only notice one problematic thing there in your link: Wrong recipient. And it says you cannot get your money back without the cooperation of the recipient. With card payments you never risk paying to the wrong recipient by typing a number wrong or such.