UPI New Changes: Pull Transactions Features may be discontinued, What Does It Mean for You?

UPI New Changes: National Payments Corporation of India is constantly trying to prevent payment fraud. For this, it is constantly engaged in strengthening the security features related to UPI (Unified Payments Interface). NPCI can make some necessary changes in the rules related to UPI to prevent payment fraud. In this, a decision can be taken to close the ‘pull transaction’ feature. Let us know what is pull transaction and what will be the benefit to the users by its closure?

What is pull transaction?

When a merchant sends a request for payment to a customer in exchange for any goods or service, it is called a ‘pull transaction’. In this transaction, the amount of payment is pre-determined. The customer only has to enter his UPI PIN. On the other hand, when the customer himself sends money by scanning the QR code or entering the mobile number, it is called a ‘push transaction’. In this, the customer himself enters the amount of payment.

Benefits of closing the pull transaction feature-

If pull transaction is closed in future, customers will get many benefits. This may stop auto-debit subscription. User will have to make payment manually every month. Cases of cyber fraud will reduce. With the closure of pull transaction, payment approval will have to be taken from the customer. Unnecessary expenses will be avoided.