payment service providers - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Thu, 06 Mar 2025 09:46:28 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png payment service providers - Rightsofemployees.com https://www.rightsofemployees.com 32 32 UPI Transaction Rule: Key Major Changes in UPI Transactions From April 1 https://www.rightsofemployees.com/upi-transaction-rule-key-major-changes-in-upi-transactions-from-april-1/ Thu, 06 Mar 2025 10:28:40 +0000 https://www.rightsofemployees.com/?p=40677 Rule Change: The National Payments Corporation of India (NPCI) has issued new guidelines to enhance the security of UPI transactions, which will come into effect from April 1, 2025. Under these rules, banks will have to regularly delete mobile numbers that have been closed or reassigned to new users. This will help prevent errors in […]

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]]> Rule Change: The National Payments Corporation of India (NPCI) has issued new guidelines to enhance the security of UPI transactions, which will come into effect from April 1, 2025. Under these rules, banks will have to regularly delete mobile numbers that have been closed or reassigned to new users. This will help prevent errors in UPI transactions.

Data will be updated every week

NPCI decided in an important meeting held on 16 July 2024 that banks and payment service providers will have to update their systems regularly.

  • Banks and UPI apps will have to refresh the list of mobile numbers every week that have been closed or assigned to new users.
  • With this process, the chances of transactions on wrong numbers will be reduced and security will increase.

What is most important for UPI users?

It will be very important for UPI users to update their registered mobile number.

  • UPI apps will now ask for explicit consent from users for number updates.
  • The apps will have an opt-in option, so there will be no forced consent process.
  • If a user does not update their mobile number, they may lose the facility of receiving money through UPI.

New guidelines for banks and payment service providers

NPCI has given banks and UPI service providers time till March 31, 2025 to implement these guidelines .

  • From April 1, 2025, all banks will have to submit monthly reports to NPCI.
  • This report will include details of total UPI IDs, active users, transactions done through updated mobile numbers and number-based transactions resolved locally.

Impact of new changes on transactions

These changes will make UPI transactions more secure and efficient.

  • The problem of sending money to the wrong number will be reduced.
  • Weekly updating of mobile numbers by banks and UPI apps will reduce incidences of fraud and failed transactions.
  • UPI users will get more security and ease in transactions.

What should users do?

Keeping in mind this new rule of NPCI, UPI users should keep their information updated in their bank and UPI apps.

  • Check your registered mobile number from time to time.
  • If you have changed your number recently, update it immediately in your bank and UPI app.
  • Do not ignore any updates or notifications coming from UPI apps.

Objective of NPCI

The main objective of NPCI is to make UPI transactions more secure and provide a seamless and secure payment experience to users. This change will improve the digital payment system and people will get a more secure banking experience.

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