UPI UPDATE: These days, we can accomplish nearly anything from the comfort of our homes thanks to the internet, including shopping online and placing takeout orders. All of these online tasks have been made easier in large part by the UPI system, which allows us to quickly and easily make payments to anyone online.
The UPI payment system is widely used in India since it is user-friendly and allows us to send small amounts online, up to ₹ 1 lakh. The most unique aspect of the UPI system is this. It’s also worth noting that numerous other nations are currently preparing to use the UPI that our nation invented.
Under the direction of the RBI, the NPCI launched the UPI payment system in 2016 with the goal of making online payments more convenient for consumers. In a similar vein, UPI makes online payments simple today. However, a recent UPI upgrade states that you are no longer able to use UPI to conduct online payments. Tell us the full details of the UPI update.
Your UPI ID is about to be closed: UPI UPDATE
Recently, on November 7, the National Payments Corporation of India (NPCI) released new UPI guidelines. If you utilize UPI to make online payments, it is imperative that you are all aware of these guidelines.
According to NPCI’s new guidelines, a customer’s UPI ID will be closed if, within the last year, they haven’t made any payments or non-payments using any third-party UPI application, such as Google Pay, Paytm, BHIM, Phone Pay, etc. He won’t be able to use UPI to make any more online payments after that.
New guidelines will be implemented from this day
Beginning on January1,2024, all businesses, including Google Pay, Phone Pay, Paytm, and others, will be subject to these new NPCI guidelines. The NPCI has given everyone until December 31, 2023, at which point a UPI ID will be closed if no transactions have been made with it in the previous year.
Do any non-financial or financial transactions on your UPI ID if you haven’t used it for any in the past year in order to keep your ID active and your ability to make online UPI payments intact.
Wrong transactions will be banned
Both the identification of unused UPI accounts and the reduction of fraudulent transactions will be aided by the new NPCI guidelines. In order to prevent ID misuse, users’ UPI IDs will also automatically close over time if they change their phone number and neglect to deactivate UPI.
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