The plan likely includes a possible four-hour window for the first transaction between two users for digital payments being processed for all transactions likely above Rs 2,000, government officials told The Indian Express. While the process is expected to add some friction to digital payments, officials are of the view that it is necessary to mitigate cybersecurity concerns. If 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). “We are looking to add a time limit of four hours for first-time digital transactions over Rs 2,000. Of this, almost 49 per cent or 6,659 cases were in the digital payment – card/internet – category.

Source: Indian Express November 28, 2023 11:19 UTC