The Nationwide Funds Company of India (NPCI) has introduced new directives for bettering the safety and effectivity of Unified Funds Interface (UPI) transactions, which can come into impact from April 1, 2025.
UPI is an instantaneous cost system developed by the NPCI.(Representational Picture)
The brand new tips require banks, Fee Service Suppliers (PSPs), and third-party UPI service suppliers resembling PhonePe, GPay and Paytm to implement sure measures relating to numeric UPI IDs.
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“The Banks, PSP App shall use the Mobile Number Revocation List/Digital Intelligence Platform (MNRL/DIP) and update their database accordingly at regular intervals, at least on a weekly basis,” the NPCI’s directive learn.
That is geared toward decreasing transaction errors brought about on account of outdated or reassigned cell numbers.
The Division of Telecommunications (DoT) tips state {that a} cell quantity which has been disconnected may be reallocated to a brand new subscriber after a 90 day hole.
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Often, if a subscriber makes no calls, sends no texts, or doesn’t use cell knowledge for 3 months, the quantity will get deactivated by the telecom service supplier and is then reassigned to a different subscriber.
The brand new UPI tips mirror this, which means that UPI IDs linked to inactive cell numbers will get deactivated.
On account of this, customers have to make sure that their cell numbers registered with their banks are lively and in use.
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The NPCI has additionally began eliminating the “Collect Payments” options from UPI to take care of the growing variety of frauds, in response to an Financial Occasions report which added that this technique will likely be restricted to solely massive, verified retailers, whereas person-to-person gather funds will get capped at ₹2,000.