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There is some big news for those making UPI payments. Actually, all banks and third party apps like PhonePe and Google Pay are going to close the UPI ID which has not been used for one year. National Payments Corporation of India (NPCI) has also instructed all banks and third party apps to do so. But, there is time till 31st December. Therefore, in any case, activate your UPI ID before this date.
Let us tell you that before deactivating the UPI ID, the bank will also send a notification to the users through email or message. With this step of NPCI (National Payment Corporation of India), UPI transactions will become more secure than before. Besides, wrong transactions will also be stopped.
In this article:
New guidelines of UPI
According to the new guidelines, the UPI ID and mobile number associated with all third party apps and PSP bank inactive customers will be verified. If no credit or debit has been made from this ID for a year, then it will be closed on 31st December. That means, from the new year, customers will not be able to transact with these IDs.
Wrong transactions will be less
Through the new guidelines, NPCI wants to ensure that money is not transferred to the wrong person nor is it misused.
This is how wrong transactions happen
It is often seen that people change their mobile number and forget to switch off the UPI ID. At the same time, due to the number being switched off for several days, someone else gets it. But, only the old UPI ID remains linked to this number and in such a situation the possibility of wrong transaction increases significantly.
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