National Payments Corporation of India (NPCI) has issued major instructions regarding UPI.
The organization that operates UPI has directed third party apps like PhonePe and Google Pay and banks to close such UPI IDs in which no transaction has taken place for a year. Before doing this, users have also been asked to send notification through email or message. NPCI has given time till 31st December for this.
With this step of NPCI, UPI transactions are expected to become more secure. Apart from this, many wrong transactions will also be stopped. After the instructions, now all the apps and banks will verify the UPI ID of inactive customers and the mobile number associated with it. If there is no credit or debit within 1 year, the UPI ID will be closed.
There will be a reduction in wrong transactions.
If no transaction has been made using this ID for a year, it will be stopped. From the new year, customers will not be able to transact with these IDs. NPCI has received many complaints of wrong transactions, in view of which this step is being taken.
Many times it happens that people change their mobile number and do not switch the UPID associated with it. Someone else gets this number and the UPID remains activated there. In such a situation, if someone sends money to that number, it will be received by the person who now has that number.
What is UPI?
Full form of UPI is Unified Payment Interface (UPI). This is a unique method of instant online payment. NPCI is the creator and operator of UPI. You can use it by generating UPI ID on Bhim, Google Pay, Phone Pay or any bank’s app. There is no additional charge to use UPI.
