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To curb rising instances of online payment frauds, the government is planning to introduce a minimum time for a transaction beyond a particular amount happening for the first time between two persons.The plan likely includes a possible four-hour window for the first transaction between two users for digital payments being processed for all transactions likely above Rs 2,000, government officials told The Indian Express.
While the process is expected to add some friction to digital payments, officials are of the view that it is necessary to mitigate cybersecurity concerns. If finalised, the measure could cover a wide range of digital payments through Immediate Payment Service (IMPS), Real Time Gross Settlement (RTGS) and even the Unified Payments Interface (UPI).
indianexpress.com
While the process is expected to add some friction to digital payments, officials are of the view that it is necessary to mitigate cybersecurity concerns. If finalised, the measure could cover a wide range of digital payments through Immediate Payment Service (IMPS), Real Time Gross Settlement (RTGS) and even the Unified Payments Interface (UPI).
To curb fraud, 4-hour delay likely in first UPI transfer over Rs 2,000
While the process is expected to add some friction to digital payments, officials are of the view that it is necessary to mitigate cybersecurity concerns.
indianexpress.com
