Kamal Ghorui
RBI’s new discussion paper on “safeguards in digital payments” is a welcome attempt to address Authorised Push Payment (APP) fraud – scams where customers, under pressure or deception, authorise payments that rob them.
But if these proposals are to mature into workable safeguards, the next draft will need to answer a set of harder questions about design, proportionality, and implementation.
UPI volumes and values are vast, and fraud has risen with equal ambition.
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