Major news for UPI users. UPI, or Unified Payment Interface, has really taken off as a key way to handle digital transactions in India and is now making waves in other countries too. The government is always tweaking it to better serve customers, and there’s a new update for users. The National Payments Corporation of India (NPCI) has rolled out some new rules for UPI.
Basically, NPCI has told banks to get rid of mobile numbers that are either inactive or belong to someone else. Banks and UPI service providers need to keep their systems updated regularly. These new rules will kick in on April 1, 2025.
What’s new for banks and UPI apps? According to NPCI’s guidelines, banks will now have to publish an updated list of mobile numbers every week. Plus, they’ll need to submit a monthly report detailing UPI numbers linked to mobile accounts, transaction numbers, and info on active users.
So, what does this mean for users? NPCI is making these changes to boost the security of UPI transactions. With the new rules, unauthorized transactions should be a thing of the past. Mobile numbers won’t be updated without user consent, and there will be an “Approval” option in the UPI app. If users don’t approve, transactions won’t go through from that number. This decision was made in a meeting back in July 2024, and the system update will be mandatory starting in April 2025.