UPI Transaction: If you use UPI daily, then an important update is coming for you. The National Payments Corporation of India (NPCI) has issued new rules to be implemented from April 1, 2025. Under this, banks will regularly remove those mobile numbers which have been closed.
UPI Transaction: If you use UPI daily, then an important update is coming for you. The National Payments Corporation of India (NPCI) has issued new rules to be implemented from April 1, 2025. Under this, banks will regularly remove those mobile numbers which have been closed or issued to someone else. The purpose of this step is to prevent wrong transactions and make UPI transactions more secure.
Why are these new rules being implemented?
In the meeting of NPCI held on 16 July 2024, it was decided that banks and payment service providers (PSPs) will have to update their systems at regular intervals. Now banks and UPI apps will update the list of mobile numbers every week, so that wrong or unsuccessful transactions can be reduced.
What do UPI users have to keep in mind?
UPI apps will now take your consent to update the number. In the app, you will get a clear option to Opt-in (give consent). That is, your number will be updated only when you approve yourself. There will be no misleading or forceful consent message in the UPI app. If the user does not update the number, the facility of receiving money from UPI may be stopped.
New rules for banks and UPI apps
All banks and UPI service providers will have to follow these guidelines by March 31, 2025. From April 1, 2025, they will also have to give a monthly report to NPCI, which will include these information.
- Total UPI IDs, which are linked to mobile numbers.
- Number of active UPI users every month.
- Transactions done through updated mobile numbers.
- Locally resolved UPI number-based transactions.
What will be the impact of the new rules?
This change will reduce the problem of sending money to the wrong number and make UPI transactions more secure and easier. Banks and UPI apps will update the mobile number every week, which will reduce the risk of incorrect or failed transactions to a great extent. If you use UPI, keep getting updated information from your bank and UPI apps, so that you do not face any problem.
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