UPI Rule Change: Sending Money Could Now Take 4 Hours, Govt to Implement Major Changes in Digital Payments

02 Dec, 2023 Author: Ayushee Joshi

UPI Payments Rule Change: The government is planning to modify the digital payment process in response to the rise in instances of online payment fraud. The government is thinking about raising the minimum time for a first-loss transaction between two people. The information states that a four-hour time limit can be applied to any digital payment transaction between two users that exceeds Rs 2000. Digital payments made via the Unified Payments Interface (UPI), Real Time Gross Settlement (RTGS), and Immediate Payment Service (IMPS) may be included if this plan is approved.

UPI Transactions Above Rs 2000 May Get Delayed

Even transactions above Rs 2000 between two users processing digital payments for the first time will be delayed by 4 hours. To address digital fraud cases, initial transactions will be limited and delayed. This significant shift in digital payment transactions can be attributed to the recent increase in online fraud cases. It is worth noting that banks observed the highest number of frauds in the digital payment category during the fiscal year 2022-23. In the fiscal year 2023, a total of 13,530 fraud cases were registered in the banking system, with a total loss of Rs 30,252 crore. About 49 percent (6,659 cases) occurred in the digital payment category, i.e. card/internet.