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Government Proposes Time Limit for First-time Digital Transactions to Combat Online Payment Frauds In a bid to curb the escalating instances of online payment frauds, the government is contemplating the introduction of a minimum time limit for the first transaction between two users, especially f
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FAQ :
The government is proposing a four-hour time limit for the first digital transaction between two users, particularly for amounts over £2,000.
The proposal would impact a range of digital payment services, including Immediate Payment Service (IMPS), Real Time Gross Settlement (RTGS), and the Unified Payments Interface (UPI).
No, the proposed four-hour time limit would only apply to the first-time digital transaction between two users that exceeds £2,000. Transactions under £2,000 are expected to be exempt.
The primary reason is to add an extra layer of security to digital payments and mitigate the increasing number of online payment frauds.
Unlike some existing limitations, this proposed measure aims to regulate all first-time transactions over the specified amount, providing a new oversight mechanism.
The proposal will be discussed in an upcoming meeting with government and industry stakeholders, including the Reserve Bank of India, banks, and tech companies.
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