UPI Payment Delay News: Instant payments through the Unified Payments Interface (UPI), now widely used for both small and large transfers, may see a change for select transactions, according to a proposal by the Reserve Bank of India (RBI).
UPI Payment Delay News: What RBI Said
The central bank has issued a discussion paper suggesting a one-hour delay for certain digital payments amid rising concerns over fraud.
Under the proposal, transactions above Rs 10,000 sent to another individual may not be completed immediately. While the amount would be debited from the sender’s account at once, it would be held by the bank for up to one hour before being credited to the recipient.
UPI Payment Delay News: Cancel Transaction
During this period, the sender would have the option to cancel the transaction.
The proposed measure is expected to apply mainly to person-to-person transfers. Payments to merchants, including those made by scanning QR codes at shops, are likely to remain unaffected.
As a result, routine transactions may continue to function as before, while larger transfers to individuals could involve a short delay.
The RBI has said the move is aimed at creating a limited window to prevent fraudulent transactions. It described this interval as the "golden hour", when intervention remains possible after a payment is initiated.
