Difficulty may increase on online payment of more than Rs 2 thousand, you will have to wait for 4 hours to transfer money.

Online Payments: For the first time online payment between two people, one may have to wait for up to four hours. The Indian government is considering bringing changes regarding digital payments. Under this, there can be a waiting period of four hours on payments of more than Rs 2,000 between people doing digital transactions with each other for the first time.

Impact on these payment services including UPI

If these changes related to banking payments are implemented, then its impact will not be limited to Unified Payments Interface (UPI) only. According to the report, the proposed changes will also be applicable to digital payment methods like Immediate Payment Service (IMPS) and Real Time Gross Settlement (RTGS). These changes can help a lot in dealing with cyber attacks.

How much money can I transfer now?

At present, if a user creates an account on UPI, he can transfer only Rs 5,000 in the first 24 hours. In case of National Electronic Fund Transfer (NEFT), only up to Rs 50,000 can be sent within 24 hours after activation. You can send them together or in pieces.

Meeting of RBI, banks and tech companies

However, according to the new plan, if you have never transacted with a person before, then you will have to wait for four hours to send more than Rs 2,000 to him. You will have four hours to cancel or change the payment. Reserve Bank of India (RBI), public and private banks, and tech companies like Google will hold a meeting today on this issue.