In the Effort to Limit Fraud, The Indian government is planning a 4-hour delay in digital transactions over Rs 2,000.
The proposed plan calls for a four-hour time limit to be applicable each time a user initiates the first payment exceeding Rs 2,000 to another user with whom he/she has not previously transacted.
The government aims to implement a 4-hour delay in the first digital payment transfer over Rs 2,000 in an attempt to curb rising instances of online payment fraud.
If the government implements the 4-hour window time for the first UPI transaction between the two users, the step is expected to have an impact on Immediate Payment Service and the Unified Payments Interface (UPI).
At present, a user can send a maximum of Rs 5,000 in the first 24 hours from a new UPI account. National Electronic Funds Transfer (NEFT) transactions can be done in the first 24 hours with a limit of Rs 50,000.
However, according to the government’s proposal, there will be a time limit of four hours every time a user makes the first payment of over Rs 2,000 to a new beneficiary
2017-18: Total number of digital transactions: 2,071 core
2018-19: Total number of digital transactions – 3,134 core
2019-20: Total number of digital transactions – 4,572 core
2020-21: Total number of digital transactions – 5,554 core
2021-22: Total number of digital transactions – 8,840 core
2022-23: Total number of digital transactions – 9,192 core
Read Tech News at iMarketing Live.
The government aims to implement a 4-hour delay in the first digital payment transfer over Rs 2,000 in an attempt to curb rising instances of online payment fraud.
If the government implements the 4-hour window time for the first UPI transaction between the two users, the step is expected to have an impact on Immediate Payment Service and the Unified Payments Interface (UPI).
At present, a user can send a maximum of Rs 5,000 in the first 24 hours from a new UPI account. National Electronic Funds Transfer (NEFT) transactions can be done in the first 24 hours with a limit of Rs 50,000.
However, according to the government’s proposal, there will be a time limit of four hours every time a user makes the first payment of over Rs 2,000 to a new beneficiary
Total number of digital payment transactions undertaken during the last five financial years:
2017-18: Total number of digital transactions: 2,071 core
2018-19: Total number of digital transactions – 3,134 core
2019-20: Total number of digital transactions – 4,572 core
2020-21: Total number of digital transactions – 5,554 core
2021-22: Total number of digital transactions – 8,840 core
2022-23: Total number of digital transactions – 9,192 core
Read Tech News at iMarketing Live.