Upi transaction: If you use UPI daily, then there is an important update for you. The National Payments Corporation of India (NPCI) has issued new rules to be implemented from 1 April 2025. Under this, banks will regularly remove the mobile numbers that have been closed or have been released to someone else. The aim 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 on 16 July 2024, it was decided that bank and payment service providers (PSPs) would have to update their system 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 doi users have to take care of?
UPI apps will now take your consent to update the number. In the app, you will get the option of Opt-in (consent) clearly. That is, your number will be updated only when you approve yourself. There will be no misleading or forced consent message in the UPI app. If the user does not update the number, then the facility of getting money from UPI may be closed.
New rules for banks and UPI apps
By 31 March 2025, all banks and UPI service providers will have to follow these guidelines. From 1 April 2025, he will also have to submit a monthly report to NPCI, which will include these information.
Total UPI IDs, which are associated with mobile numbers.
Number of active UPI users every month.
Transactions done through updated mobile numbers.
Local solved UPI number-based transaction.
What will be the effect of the new rules?
This change will reduce the problem of sending money to the wrong number and UPI transactions will become more secure and easy. Bank and UPI apps will update mobile numbers every week, which will reduce the risk of wrong or unsuccessful transaction to a great extent. If you use UPI, keep taking updated information from your bank and UPI apps, so that you do not face any problem.