IANS, Mumbai. To reduce the cases of digital fraud, the National Payments Corporation of India (NPCI) is considering ending ‘pull transaction’ on Unified Payment Interface i.e. UPI. For this, preliminary level talks are going on between NPCI and banks. Most digital frauds are happening through pull transaction method and NPCI is exploring the possibility of completely removing this facility to reduce them.
What is the fear haunting the banks?
According to a report, eliminating pull transaction can reduce cases of digital fraud. But some bankers fear that this may affect real transactions. Also, UPI payment efficiency is likely to decrease. However, NPCI has not given any reaction on this matter. NPCI itself operates the online retail transaction and settlement system in the country.
Final decision not yet made
The report said that the discussions are at an initial stage and no final decision has been taken on its implementation. This discussion is taking place at a time when UPI transactions are becoming very popular in the country. In February alone, a total of 16 billion transactions were done through UPI and an amount of more than Rs 21 lakh crore was exchanged in them.
Cyber fraud is also increasing
With the increase in the number of digital transactions, cases of cyber fraud are also increasing in the country. Fraudsters are using new techniques to cheat people. This is increasing mental stress along with financial loss.
What is a pull transaction?
When a merchant sends a payment request to his customers, it is called a pull transaction. In this medium, the amount to be paid is already included. The customer only has to enter his PIN number on his UPI app. When a customer pays directly through QR code or other methods, it is called a push transaction. In such transactions, the customer himself fills the amount to be paid in his UPI app.
RBI received more than 27 thousand complaints
During the first half of the current financial year 2024-25, the ombudsman of RBI has received a total of more than 27 thousand complaints. In this, 14,401 complaints were received in April-June 2024 and 12,744 complaints were received during July-September 2024.
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According to the Financial Stability Report released by RBI in December 2024, more than 70 percent of the total complaints in the first half were related to loans and payments made through digital means. RBI has recently emphasized the importance of awareness initiatives to educate people about such matters.
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