Four hours delay on first UPI payment to new account

[Sushubh]

Digital Money Transfers May Soon See 4-Hour Delay In Transactions Over Rs 2,000

The envisaged plan is not confined to delaying or restricting the first transaction upon account creation, a practice already in place across various digital payment channels.

news.abplive.com

Explaining the mechanism, the official added, "Basically, how it will work is that you will have four hours after making a payment to someone for the first time to reverse or modify the payment. It will be along the lines of NEFT (National Electronic Funds Transfer) where the transaction happens within a few hours."

Consequently, a provision is being considered to exempt transactions under Rs 2,000 from this regulation.

 

[Trex]

 

[SVK]

So it would be like payment by Cheque except cheques takes days, here it would be hours.
Most payments would be for first time, so if we make any big amount payment to buy something, we will get that thing after payment is confirmed in 4 hours

 

[Sushubh]

Scanning qr code should be exempt imo. Most fraud or mistake transaction are on phone number I imagine

All these random rules they keep on announcing just confirm that cards are just better. They may boast whatever about UPI. It's convenient because it enables fraud by bypassing a lot of standard banking security practices.

 

[Skye]

@Sushubh Actually, a lot of scammers send QR code these days and then ask people to scan it and pay. I know plenty of idiots who got scammed.

 

[Sushubh]

They already have 2K limit on scanning qr from saved photo

 

[Skye]

Yeah, but not when they scan using another phone. You do know what level these people can go to get scammed.

A friend of mine was recently scammed for Nataraj job. I told him it sounds like scam but he said he got it from official website. I asked for the official website, he gave some random org's website which has similar name.

At the end, after he wasted his 8K, he told me the real website. It was some random Instagram page of some random guy with a shady job post.

 

[anmolbhard004]

@Zuke people are finding new ways to do scam these days..
In Patna we have smart prepaid meters , I still don't get it each time I recharge my account I instantly get a call from people stating that amount is stuck please download " teamviewer electricity' to process the amount then do a upi payment of Rs 10 WTH man..
And People are falling for it.

 

[Sushubh]

I mean people willingly sending money to random qr codes are not going to realize they got scammed in four hours. Scammers usually already get them to transfer small amounts first so this would only require slight change in strategy.

This would only help people who send money to wrong numbers for some reason happened with my dad's account. I sent back the funds. Still wondering what kind of scam could it be.