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Tuesday, July 16, 2024

UPI Fraud: Understand Why There Could Be A 4-Hour Delay When Transacting More Than Rs 2,000

<p>Users of the Unified Payments Interface (UPI) may be impacted by a new procedure that the Indian government is allegedly developing. In an attempt to prevent fraud in online transactions, they want to implement a minimum time window for the initial transaction between two people.<img decoding=”async” class=”alignnone wp-image-292140″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-boost-your-kids-and-pets-safety-at-home-by-using-neems-power-download-2023-11-28t1.jpg” alt=”theindiaprint.com boost your kids and pets safety at home by using neems power download 2023 11 28t1″ width=”1118″ height=”626″ title=”UPI Fraud: Understand Why There Could Be A 4-Hour Delay When Transacting More Than Rs 2,000 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-boost-your-kids-and-pets-safety-at-home-by-using-neems-power-download-2023-11-28t1.jpg 300w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-boost-your-kids-and-pets-safety-at-home-by-using-neems-power-download-2023-11-28t1-150×84.jpg 150w” sizes=”(max-width: 1118px) 100vw, 1118px” /></p>
<p>If adopted, transactions above Rs 2,000 would be delayed by four hours for consumers. This implies that each time a user begins a payment of more than Rs 2,000 to a user with whom they have never transacted before, a four-hour time restriction will be in effect.</p>
<p>The article said that government officials feel it is imperative to address cybersecurity issues, even if this strategy would complicate digital payments.</p>
<p>The research also emphasized that the Unified Payments Interface (UPI), Real Time Gross Settlement (RTGS), and Immediate Payment Service (IMPS) are only a few of the digital payment mechanisms to which this metric may be applicable.</p>
<p>The research claims that although certain digital payment systems currently slow down or limit the first transaction when you establish an account, this is not the sole goal. Regardless of the previous transaction history between two users, the primary goal is to closely monitor and oversee each first transaction between them.</p>
<p>Currently, you may transmit up to Rs 5,000 during the first 24 hours of opening a new UPI account. Similarly, you may send up to Rs 50,000 (in whole or in part) using National Electronic Funds send (NEFT) within the first 24 hours of adding a beneficiary.</p>
<p>Speaking on the condition of anonymity, a senior government official said, “We are looking to add a time limit of four hours for first-time digital transactions over Rs 2,000.” Tuesday’s conference will address the topic with representatives from the government and business community, including the Reserve Bank of India, many public and private sector banks, and internet firms like Google and Razorpay.</p>
<p>The agenda for the November 28 meeting includes financial crimes, digital payment fraud, and cybersecurity countermeasures.</p>
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