The rising cases of online payment frauds have forced government to take the required action over the matter. As per the reports the govt. is in line to introduce a minimum time for a transaction beyond a particular amount done for the first time between two individuals.
According to the draft of the plan on the table, a time limit of 4 hours will apply each time an individual makes the first payment over Rupees 2,000 to someone they have never transacted with before.
While the officials are of view that the process may add some friction to online payments, they also said that it is high time to mitigate cybersecurity concerns. If the plan gets 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).
