Mumbai
If you use UPI regularly, then this information is very important for you. The National Payments Corporation of India (NPCI) has issued new rules to make UPI transactions more secure, which will be effective from 1 April 2025. The purpose of these changes is to make the digital payment system safe and transparent.
What is the new rule?
According to NPCI’s new instructions, banks will have to remove the mobile numbers from their systems that have been closed or new customers have been re -assigned. This step has been taken to prevent mistakes in UPI transaction.
Data will be updated every week
In the meeting held on 16 July 2024, NPCI decided that:
Banks and Payment Service Providers (PSP) will have to update their data weekly.
In this process, the list of mobile numbers will be removed which are now closed or have been given to another customer.
This will reduce the chances of transaction on the wrong number and increase security.
What should UPI users do?
Due to new NPCI guidelines, UPI users should take special care of the following things:
Update registered mobile number: If you have recently changed your mobile number, then immediately update it in your bank and UPI app.
Keep an eye on the notifications of UPI apps: UPI apps will now take clear consent for number updates. For this, an ‘opt-in’ option will be given, which will not change without the user’s approval.
Contact the bank: If your old mobile number is closed, then immediately inform the bank so that the safety of your account remains.
Obstruction of receiving money: If a customer’s number is not updated, then they may have trouble getting money through UPI.
New instructions for banks and payment service providers
NPCI has given banks and UPI service providers till 31 March 2025 to implement these rules.
From 1 April 2025:
All banks will have to submit a monthly report to NPCI.
This report will include a total UPI ID, number of active users, transactions through updated mobile numbers and locally solved number-based transactions.
Impact of new rules
The positive impact of these new guidelines implemented by NPCI can be seen as follows:
Security will increase in UPI transaction: Incidents of sending money on the wrong number will decrease.
Fraud incidents will be reduced: Due to the number update process, the possibility of scam and fraud will be reduced.
UPI experience will be better: User will feel more spontaneous and protection in transactions.
NPCI purpose
The main objective of NPCI is to make UPI transactions safe and more convenient in consumer interest. After the implementation of the new rules, the digital payment system will be more strong and safe.
