Government planning to introduce delayed UPI transaction to curb frauds

  • Thread starter iDJ
  • Start date
  • Replies: Replies 0
  • Views: Views 476

iDJ

Elite
Contributor
Joined
23 Aug 2018
Messages
23,645
Solutions
4
Reaction score
29,126
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).

 
Back
Top Bottom
AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock