This service will work in the same way as users of any online platform save their credit or debit card details. This is also called tokenization. Its biggest advantage will be that now while making online UPI payment, you will not have to give the ID again and again and this will reduce the payment time.

According to ET’s report, people associated with the matter said that there is a plan to allow NPCI users to store their UPI ID at the merchant checkpoint. Currently, when a customer checks out on an e-commerce site, he usually selects the UPI app and then the account through which he wants to make the payment. It has been told that when the customer locks the preferred UPI ID, the time can be reduced by reducing the steps in the process.

Approval will have to be taken from RBI

According to sources, before launching this facility, NPCI will have to get approval from the Reserve Bank of India (RBI). As per RBI’s instructions, payment gateways are only allowed to tokenize the card. Through this facility, users do not need to fill in the complete card details every time they make payment on the website. If the facility of saving UPI ID is approved, then making payment through UPI will become equal to card payment.

There will be improvement in customer convenience

If this feature is rolled out, consumers can save their UPI ID, called UPI handle, on popular merchant sites like ecommerce platforms, travel booking applications, food delivery apps and quick commerce platforms that they use regularly. This way users will not need to enter their UPI ID or select the UPI application every time they transact, which will improve customer convenience and increase the success rate of transactions.

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UPI account will be closed:

National Payments Corporation of India (NPCI) has asked payments apps and banks like Google Pay, Paytm and PhonePe to deactivate such UPI IDs and numbers which have not been active for more than a year. . The last date for this has been kept as 31st December 2023. This is being done because, sometimes phone numbers are issued to other users also and in such a situation, there can be irregularities in money transactions.

New rule is being made for SIM card

The new Telecommunication Bill 2023 has been passed in the Lok Sabha and Rajya Sabha. Soon the bill will become law. In this new bill, a rule has been made that to get a new SIM card, customers will have to provide biometric details. In such a situation, if you want to buy a new SIM without biometric details, then buy it before 31st December.

Gmail accounts are about to be closed:

Google is deleting all such Gmail accounts which have not been used for one or two years. This work will be completed soon. In such a situation, if you have not used any of your accounts for a long time, then activate it once. It is also possible that such an account of yours may have been deleted.

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If you have submitted the updated Bank Locker Agreement on or before December 31, 2022, you may need to sign and submit the updated Bank Locker Agreement once again. RBI has fixed December 31, 2023 as the last date for sequential implementation of the revised locker agreement.

UPI ID

NPCI (National Payment Corporation of India) issued a circular asking third party app providers and payment service providers to deactivate such UPI IDs, which have not done any transaction with their ID for a year. The UPI ID of such inactive customers will be deactivated by December 31. However, it has also been said by NPCI that such inactive accounts can be restarted but for this it is necessary to make at least one transaction. NPCI is a government organization that looks after the retail payment and settlement system in the country. NPCI regulates the UPI payment system.

mutual funds

If you invest in mutual funds and have not yet made a nominee, then you should complete this work before December 31, 2023, otherwise the mutual fund account will be frozen and you will not be able to redeem the investment. It is important for demat account holders to do this also. Despite having the facility to make a nominee, many people do not consider it so important and ignore it. Whereas it is very important to have a nominee to protect the family after you. Therefore, the deadline for this has been fixed as 31st December.

Aadhar card

If you want to update your Aadhar card, you can get it done by 14th December. During this period, you will not have to pay any fees etc. for Aadhaar update. After this you will have to pay the charge. If you update offline, you will still have to pay the charge for it. Let us tell you that the government has said that if you also have a 10 year old Aadhaar card, then you should get your Aadhaar updated.

SBI Amrit Kalash Scheme

If you want to take advantage of SBI’s special FD scheme Amrit Kalash, then you will have to invest in it by 31st December. In this special scheme which matures in 400 days, interest is being given at the rate of 7.10 percent. The deadline for this scheme has been fixed as 31st December.

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However, there is no need for everyone to panic about this. Instructions have been given to close such UPI from which no transaction has been done in the last one year. NPCI has also asked users to send notification through email or message before closing UPI.

NPCI has said that it hopes that this action will increase the security of UPI transactions. Apart from this, many wrong transactions can be stopped. As per the instructions issued by NPCI, all applications and banks will henceforth validate the UPI ID and linked mobile number of inactive customers. UPI ID will be closed if there is neither credit nor debit in a year.

This action is being taken because NPCI has received many complaints of wrong transactions. People often change their mobile number but forget to update the UPI ID that comes with it, which is one of the major reasons for this. This number has been given to someone else and UPI is still active there. This will ensure that only the person whose number is getting the money. Many such cases have come to light due to which NPCI is now taking this step.

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