Reversible UPI TRANSACTIONS to prevent FRAUD??

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Theranos

https://x.com/anshgupta64/status/17297735433686...

There is a proposal  to make UPI transactions above 2000  REVERSIBLE  within 4 hrs of transaction with Govt and RBI after certain  criteria  is met.....does this mean reduction  is fraud or does it may lead to more frauds....interesting  to see what do you think 

What would be the implications  for Desidime trades and even to platforms like zingoy....love to hear what's  your views 

Appreciate your views 

Thank you in Advance

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It will lead to more fraud.

It should not be imposed 

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Benevolent Benevolent
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I didn't get it actually sweat
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Deal Lieutenant Deal Lieutenant
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Only merchant upi or personal as well?

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By the way it's described it's both but restricted  to first time transactions with certain  conditions

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It will lead to more fraud.

It should not be imposed 

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Twitter for millenials/genz is like WhatsApp for boomers. Full of fake or twisted info.

The way you've highlighted REVERSIBLE, as if it's just a click.

The only right way this will probably be implemented is reversible at bank level by calling them to add friction & the money won't be transferred until then. It will be debited from you & transferred to the person 4 hours later before which you can call the bank to cancel it.

The idea does have loopholes but that'll need to be implemented in a way that safeguards everyone, unlike you make it sound as if it's easy with a click to pay a merchant & then get the money back.

Deal Cadet Deal Cadet
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Interesting take but yeah the implementation as usual is acc to indian standards but it's ultimately REVESRSABLE

Deal Newbie Deal Newbie
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Without knowing the proposed conditions, on the face of it, it will lead to more frauds.

Whatever type of fmoney / payment fraud, most of the time it is the less technologically people who get defrauded. For example, think of the roadside vendors (many of them use personal QR codes). Even if there may be checks and balances, they might be defrauded. 



Generous Generous
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So people can just pay and buy for something. Then cancel the transaction?! What do you think?

Community Angel Community Angel
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They will make UPI worse waise bhi UPI ne fraudsters ko bahut Paisa Diya hai joy

Benevolent Benevolent
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Don't know about reversing but they r adding 4 hour delay for above ₹2000 p2p transaction, and it'll be applicable on all payment mode including neft imps, so nobody can insta transfer from ur account even when u r hacked

Deal Cadet Deal Cadet
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Guys please adopt & use CC and/or DC instead of UPI as it offers much more

-> Buyer protection (via chargeback and all that)

-> Customer's PII privacy (no phone sharing and all that)

-> Customer grievance redressal system ( email/ telephone - written/recorded comms & all that)

Not also that correct tax money goes to govt unlike UPI where sellers can do manipulations.

UPI is nothing but cash which means once money left your account then it gone.

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Bb

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