UPI: Over time, the trend of online financial transactions has increased. Money can now be sent by phone. Just as online financial transactions have become popular, there are questions about security. Sometimes the rules are changed to improve safety. According to media reports, some rules related to UPI payments may change from April 1.
According to media reports, the National Payments Corporation of India (NPCI) has ordered to change some rules related to UPI payments. This decision has been taken considering security reasons. Media reports claim that instructions have already been issued to the banks in this regard.
What are the guidelines issued by the National Payments Corporation of India?
According to the decision, the numbers that are no longer in use or have been closed or registered in someone else’s name will have to be removed from service. The implementation of this decision is expected to further enhance the security of UPI users. Banks and UPI service providers have been advised to update their systems from time to time. The new rules will come into effect from April 1, 2025.
Not only this, according to the decision of the National Payments Corporation of India, banks will also have to publish an updated list of mobile numbers every week from now on. Banks and UPI apps will also have to submit reports every month. The report provides details of the mobile number linked to the UPI number, the UPC-based transaction number and the number of active customers.
Will enhance security
It is expected that the implementation of this decision will further increase the security of customers in online payments, increase transparency in financial transactions. The mobile number will not be updated without the user’s permission. If users do not agree to this, then UPI transactions from this mobile number can be stopped.