Google Pay issues advisory on how to avoid UPI fraudsters. Will 24x7 round-the-clock NEFT encourage digital payments in India?
Prevention is Better than Cure: As more and more consumers opt for UPI transactions, instances of fraud, where money from bank accounts of users have been swindled using UPI, have come under the limelight.
How can we ensure that we don't fall prey to UPI fraudsters? As per a Google Pay advisory, we can do so by (1) keeping our UPI PIN a secret, (2) downloading only trusted apps, and (3) using only the payment app to reach customer care. More details here.
ICYMI: Recently, the RBI announced that National Electronic Funds Transfer (NEFT) payments would be available round the year, including bank holidays. Furthermore, processing charges levied for NEFT and Real-Time Gross Settlement (RTGS) transactions will not apply starting January 2020.
This digital push by the Central Bank will have several benefits for the consumer. More people will opt for digital transactions, transfers of large sums through RTGS will become easier, money transfers will not be limited by time and location constrains. Read more about what 24x7 digital payments availability implies here.
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