Narendra Modi government made big changes in UPI Payment
The cases of cyber fraud are increasing in India and the government has taken an excellent decision to prevent this. Accordingly, UPI has proposed to apply the minimum time limit.
Even now Unified Payments Interface (UPI) transaction is widespread. Most people who have PhonePe, Google Pay, Paytm on smartphones do UPI transactions. Through this, you can send or receive money to those who need it in an instant. Narendra Modi government made big changes in UPI Payment.
Amidst this development, the Government of India has taken an important decision. Yes, the cases of cyber fraud are increasing in India and the government has taken an excellent decision to prevent this. Accordingly, UPI has proposed to apply the minimum time limit.
UPI Minimum Time Limit: Digital payments are growing rapidly in India. Transaction through UPI is common especially in rural areas. With this growth of these digital payments, the cases of online fraud are also on the rise and with the aim of preventing such frauds, the government of India has decided to implement the UPI minimum time limit. Thousands of numbers have already been blocked by detecting which numbers have been used for fraud.
Now the government has come forward to impose some restrictions on UPI transactions to prevent online payment fraud. It means that a limit of 4 hours may be imposed, according to important sources. You know that any UPI payment happens between two users. One of these two is the payer and the other is the receiver.
But now it is proposed to impose a minimum time limit for the first UPI transaction between two users. Accordingly, this minimum time limit is said to be 4 hours. It is learned that it is considering implementing a minimum time for amounts above Rs 2,000 in this business.
According to a report, the rule is said to be implemented across various digital payment methods such as Immediate Payment Service (IMPS), Real-Time Gross Settlement (RTGS), and Unified Payments Interface (UPI). Existing users are allowed to send a maximum of Rs 5,000 in the first 24 hours when they set up a new UPI account.
Similarly, Rs 50,000 can be transferred within 24 hours with National Electronic Funds Transfer. However, according to this new scheme, it is said that a time limit of four hours will be enforced every time anyone offers to make a payment to a new person.
Why this decision: Officials argue that although the move will create some problems in the digital payment segment, it is a good way to curb cyber crime. It is mentioned that cybercriminals and fraudsters may fail to take advantage of UPI transactions due to this proposed delay.
Before this decision, the government blocked many suspicious numbers. After a meeting with bank officials on Tuesday, Financial Services Secretary Vivek Joshi said that 70 lakh mobile numbers used in suspicious transactions have been suspended. It has been emphasized that suspension of suspicious mobile numbers is one of the possible measures to prevent online payment fraud.