In a bid to combat online payment frauds, the government is reportedly mulling over introducing maximum time for first-time transactions between two users for a digital payment. A report by The Indian Express, citing sources said, the government may include a possible four-hour window for the first transaction between two users for online transactions above ₹2,000. The proposed measure would cover not just include Unified Payments Interface (UPI) but also other digital payment methods such as Immediate Payment Service (IMPS) and Real Time Gross Settlement (RTGS), the report added.
5 tips to safeguard your UPI transactions
At present, if a user creates a new UPI account, they can send a maximum of ₹5,000 in the first 24 hours. In the case of the National Electronic Funds Transfer (NEFT), post activation of a beneficiary, ₹50,000 (in full or in parts) can be transferred in 24 hours.
However, under the new plan, a 4-hour time limit would be applied every time a user makes the first payment of over ₹2,000 to another user they have never transacted with before.
The user will have four hours to reverse or modify payments they made to a first-time user.
The Reserve Bank of India (RBI), public and private banks, and tech companies like Google will discuss this matter in a meeting that will be held today (28 November).
Online payment frauds in India:
According to RBI’s annual report 2022-23, the total number of payment frauds stood at 13,530, involving a total amount of ₹30,252 crore.
Of this, almost 49% or 6,659 cases were in the digital payment – card/internet – category.
Consumers more concerned about digital payment frauds: Survey
This year, the Government of India operationalised the national helpline 155260 and reporting platform for preventing financial loss due to cyber fraud. The helpline 155260 and its reporting platform have been made operational by the Indian Cyber Crime Coordination Centre (I4C), with active support and cooperation from the RBI, all major banks, payment banks, wallets, and online merchants.
How can you reverse the UPI payment in case you sent the money by mistake?
This year, the Government of India operationalised the national helpline 155260 and reporting platform for preventing financial loss due to cyber fraud.
Govt launches national helpline no. to report cyber crime; all you need to know
The helpline 155260 and its reporting platform have been made operational by the Indian Cyber Crime Coordination Centre (I4C), with active support and cooperation from the RBI, all major banks, payment banks, wallets, and online merchants.
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Updated: 28 Nov 2023, 12:46 PM IST