UPI IDs: Many people will not be able to use their UPI from December 31. National Payments Corporation of India (NPCI) has directed banks and third party apps like PhonePe and Google Pay to stop UPI.
However, there is no need for everyone to panic about this. Instructions have been given to close such UPI from which no transaction has been done in the last one year. NPCI has also asked users to send notification through email or message before closing UPI.
NPCI has said that it hopes that this action will increase the security of UPI transactions. Apart from this, many wrong transactions can be stopped. As per the instructions issued by NPCI, all applications and banks will henceforth validate the UPI ID and linked mobile number of inactive customers. UPI ID will be closed if there is neither credit nor debit in a year.
This action is being taken because NPCI has received many complaints of wrong transactions. People often change their mobile number but forget to update the UPI ID that comes with it, which is one of the major reasons for this. This number has been given to someone else and UPI is still active there. This will ensure that only the person whose number is getting the money. Many such cases have come to light due to which NPCI is now taking this step.
