A big change is going to come in UPI. National Payments Corporation of India (NPCI) may soon discontinue the auto-debit pull transaction feature. This is being done to prevent payment fraud and strengthen the security features related to UPI. NPCI is in talks with banks in this regard. It is being said that after the closure of this feature, cyber fraud related to UPI may decrease. In such a situation, let us know what is pull transaction, what your benefit is from its closure… Do you also want to know how this change in UPI will be beneficial for you? So let’s know.

Know how it works

Whenever you make a payment through UPI in a shop or mall, it happens in two ways. Pull transaction and push transaction. In a pull transaction, the merchant sends a request for payment to the customer in exchange for any goods or services. In this, the payment amount is already fixed. Customers only have to enter their UPI PIN. Whereas, in push transactions, you send money by scanning the QR code or from the mobile number. In this, customers enter the payment amount themselves.

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What is your benefit from discontinuing the pull transaction feature

Your approval will be required to make payments anywhere, i.e. the customer.

Auto-debit subscriptions will be stopped, which will reduce the risk of fraud.

You can avoid unnecessary expenses by not making frequent payments.

UPI will make payments more secure.

Both NPCI and banks will save time and resources.

Are there any disadvantages to discontinuing the UPI pull transaction feature

Discontinuation of pull transactions may affect auto-debit-based subscriptions and bill payments, as many customers set monthly EMIs, mobile recharges, electricity bills, gas, and other bills on auto-debit. Money is deducted from their account every month, but after the discontinuation of this feature, it will have to be done manually. However, this is not such a big loss that it becomes a problem for anyone.

When will the pull transaction feature be discontinued

NPCI is currently in talks with banks to discontinue the pull transaction feature. If media reports are to be believed, the negotiation process is already in the first stage. As soon as a consensus is reached, the feature will be discontinued.

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