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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
NPCI looking to stop cons ‘pulling’ a fast one via UPI
NPCI) is working to phase out ‘collect calls’ for merchant payments as part of the government’s efforts to combat online frauds via the Unified Payments Interface (UPI), two bankers familiar with the matter said.
A collect call is a ‘pull’ transaction, where a merchant initiates a payment request to the customer. Given that merchants have a higher degree of control over these, there is a more chance of fraud.
Authorities are instead encouraging ‘push’ transactions, where the customer initiates the payment by scanning a QR code or through other means.
“The idea to stop collect calls for merchant transactions is to stem frauds that take place through this process… It will happen gradually,” one of the bankers told ET.
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The initiative comes amid a massive growth in frauds in the rapidly expanding digital payments ecosystem. According to data from the Reserve Bank of India (RBI), in the first six months of FY25, 13,133 fraud cases were reported for cards and digital banking platforms, involving Rs 514 crore. In FY24, the number of scams in digital banking stood at 29,082, with Rs 1,457 crore lost.
“The government and the central bank want to reduce frauds,” the second banker cited earlier said. “Since most consumers have anyway gotten used to QR codes and other (such modes), the consensus in the industry is that collect payments can be done away with.”
Keeping it verified
Currently, many merchants display a QR code on the checkout page, which customers can scan to make payments.
A bulk of online UPI
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