Imagine a payment request comes to your phone. And you accept it without noticing. And in a moment, your account is empty! This trap of UPI users is now a new weapon for fraudsters. This is exactly where the National Payments Corporation of India is conducting a surgical strike.
What exactly is changing?
The National Payments Corporation of India has decided to phase out the ‘Collect’ feature in the ‘Person to Person Merchant’ category. Until now, a seller could send you a payment request. From now on, that opportunity is decreasing. Along with this, the rules are also getting stricter in the case of ‘AutoPay’ or subscription payments. You will be able to see more clearly how much money an app or service is deducting. But the money will not be deducted unless you give permission.
What is the impact on you?
Experts say that this will not cause any significant damage to the business of large companies like Paytm or Pine Labs. Because, QR codes or PIN machines are now dominant in big stores. Some very small traders, who used to receive money by sending a direct request, may face problems. However, this is a big win for the common consumer. Another expert believes that this will increase people’s trust in UPI. If the avenues for fraud are closed, digital transactions will be more secure.
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Message for the future
Having a smartphone in your hand means that you are a target for fraudsters. So think twice before scanning a QR code or approving a payment request. Technology security is indeed increasing, but your awareness is the last word.