In a recent development, the Reserve Bank of India (RBI) has made changes to the offline payment transaction regulations, aiming to enhance user convenience and digital payment adoption. The central bank has decided to increase the upper limit of offline payment transactions from ₹200 to ₹500, with immediate effect. This move is part of RBI’s ongoing efforts to streamline payment processes and adapt to evolving consumer needs.
Increased Transaction Limit: The upper limit for offline payment transactions has been raised to ₹500. This means that consumers can now make offline payments up to ₹500 using their payment instruments without the need for an active internet connection. This adjustment seeks to facilitate smoother transactions for small to moderate purchase amounts.
Transaction Alerts: Payment instrument issuers are now required to promptly send transaction alerts to users as soon as transaction details are received. While there is no strict compulsion to send an alert for each transaction, it is mandatory to adequately convey the details of every transaction. This practice enhances transparency and empowers users to monitor their payment activities closely.
Liabilities and Security: In the event of technical or transaction security issues arising at the merchant’s end, the acquirer (the entity facilitating the payment acceptance) will bear all associated liabilities. This measure holds the acquirer accountable for maintaining a secure and reliable payment environment for both merchants and consumers.
Offline payment transactions fall under the purview of RBI’s limited customer liability circulars, subject to any amendments made over time. This regulatory framework aims to protect consumers from undue financial burden in case of unauthorized transactions, ensuring a safe and secure digital payment ecosystem.
Find More News Related to Banking
Every year on December 22, India celebrates National Mathematics Day. This date marks the birth…
In competitive exams like SSC, Defence, State Exams, and Railways, current affairs are crucial. This…
On Saturday, December 21, 2024, several explosive-laden drones, believed to be part of Ukraine's ongoing…
Uttar Pradesh, one of India's most populous states, is known for its rich cultural and…
The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, convened ministers from 28…
India participated in the 24th BIMSTEC Senior Officials Meeting (SOM), hosted virtually by Thailand on…