To prevent online payment fraud, the government is allegedly considering imposing a time limit on first-time transactions between two users for a digital payment. According to The Indian Express, citing sources, the government may impose a four-hour window for the initial transaction between two users for online transactions above 2,000. According to the source, the proposed action would encompass not just the Unified Payments Interface (UPI), but also other digital payment methods such as Immediate Payment Service (IMPS) and Real Time Gross Settlement (RTGS).
At the moment, if a user establishes a new UPI account, they can transmit a maximum of 5,000 in the first 24 hours. In the event of National Electronic Funds Transfer (NEFT), 50,000 (in full or in parts) can be transmitted within 24 hours after a beneficiary's activation.
However, under the new plan, a 4-hour time limit would be imposed every time a user made their first payment of more than $2,000 to another user with whom they had never before transacted.
The user will have four hours to reverse or change payments they made to a first-time user.
The Reserve Bank of India (RBI), public and private banks, and technology firms such as Google will meet today (November 28) to examine this issue.
Online payment frauds in India:
According to the RBI's annual report 2022-23, the overall number of payment frauds was 13,530, totaling $30,252 crore.
Almost 49% of these, or 6,659 incidents, were in the digital payment - card/internet - category.
Consumers more concerned about digital payment frauds: Survey
The national helpline 155260 and reporting portal were made active this year by the Indian government to combat financial damage caused by cyber crime. The Indian Cyber Crime Coordination Centre (I4C) has launched the helpline 155260 and its reporting platform with the full backing of the Reserve Bank of India (RBI), as well as all the main banks, payment banks, wallets, and online retailers.
How can you reverse the UPI payment in case you sent the money by mistake?
The national helpline 155260 and reporting portal were made active this year by the Indian government to combat financial damage caused by cyber crime.
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Govt launches national helpline no. to report cyber crime; all you need to know
The Indian Cyber Crime Coordination Centre (I4C) has launched the helpline 155260 and its reporting platform with the full backing of the Reserve Bank of India (RBI), as well as all the main banks, payment banks, wallets, and online retailers.
Money Poise
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