Since demonetization, the era of digital payments in the country has reached a new height. India has created history in the world in online transactions. According to the data released recently by NPCI, the value of UPI transactions in a month has reached about Rs 20.64 lakh crore. However, this instant payment system that can be done in just a few seconds is now going to undergo a big change. To prevent digital fraud and scams, RBI is considering a new security system for UPI payments.
What is the new proposal?
Keeping in mind the increasing cyber fraud, a proposal has been submitted to RBI by banks. Under this, before sending money, customers will get a new option of “YES/NO”. After you select the scanner or number and enter the PIN code, the option of YES/NO will appear on the screen. If YES is done, the transaction will be completed immediately. If NO is done, the transaction will be canceled. If you do not choose any option, then the payment may take about 1 hour to process.
Will this be applicable to all transactions?
It is worth noting that this will not be applicable to all payments. Applying this rule to every transaction is likely to slow down the speed of online transactions. Banks have proposed to add this extra layer of security only on unusual or suspicious transactions. Suddenly sending a large amount of money late at night. Sending money to a new UPI ID for the first time. If the transaction is Rs 10,000 or more, you will have to select the YES/NO option.
What will be the benefit of this new option?
The money of the common man will be safe from cyber fraudsters. If a payment is made by mistake, then the customer will have enough time of 1 hour to stop it. The customer will get a chance to double-check before making a large financial transaction. Currently, this is just a proposal put forward by the banks to the RBI. No final directives or rules have been issued by the RBI yet.
