UPI 4 Hour Rule helps you to get back Unexpected UPI Transaction


NPCI Introduced new UPI rules with a 4 hour time frame to recover unexpected UPI Transactions and Secure UPI Payments to curb online fraud.

Key Benefits

  • NPCI Introduced 4 Hours Time Frame to get back your unexpected UPI Transactions.
  • New users must wait 4 hours to transfer more than Rs. 2,000 for the first time.
  • The 4-hour time frame helps to retrieve unexpected transaction funds within these 4 hours, thus helping to curb online fraud.

UPI payments are commonly made through apps such as Google Pay and Phone Pay in India. However, what happens if you accidentally send money to someone else? Can you retrieve it? Is the 4-hour time frame provided by the centre adequate? What does the National Payments Corporation say? Let’s delve into it.

The Unified Payments Interface (UPI) is widely known and used in India, from small shops and tea stalls to big businesses. Digital payments have become an integral part of Indian lives. According to the National Payments Corporation of India (NPCI), over 17 trillion UPI transactions are conducted monthly. To further promote UPI transactions, the Reserve Bank of India introduced new regulations at the beginning of this year, effective January 1, 2024, with five types of rules.

However, online fraud has also increased as digital payments have become more prevalent. Fraudsters are committing various types of fraud through UPI. The RBI and NPCI are taking measures to prevent these. The RBI has introduced another provision to address the challenges faced in UPI payments. When transferring money between new users for the first time, they must wait for four hours to send more than Rs. 2,000. This means that for new users, it takes four hours for the money to reach their accounts when sending more than Rs. 2,000.

Mistaken payments to UPI IDs and phone numbers of unknown people are possible. The National Payments Corporation of India states that this new rule will be useful in such cases. NPCI says that if money is transferred to another account by mistake, it is possible to retrieve it within these 4 hours, thus helping to curb online fraud.

PAVZI

Hi, I'm Pavzi. I have 15 Years of Experience in the Financial Industry; here, I have posted various Financial Updates and Money Matters with How-to Guides according to the Latest Fintech News updates.

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