Banks propose ‘Yes-No’ prompt for high-risk UPI transfers
Several banks have proposed a ‘Yes-No’ prompt for high-risk UPI transfers to curb digital-payment fraud. For flagged peer-to-peer transactions, the payment app would ask the payer to confirm: ‘Yes’ credits the beneficiary within seconds, ‘No’ cancels it, and no response delays the credit by an hour. Banks pitched this to the RBI as an alternative to a blanket one-hour lagged credit.
Nabka Insight
Anti-fraud tweak to UPI proposed to the RBI — a banking/economy question.
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- Banks proposed a ‘Yes-No’ confirmation prompt to the RBI
- Targets high-risk peer-to-peer (P2P) transfers
- ‘No’ cancels; no response delays credit by one hour
- Alternative to RBI's proposed one-hour lagged credit
Background
Relevant forBanking · SSC · UPSC