New Delhi24 minutes ago
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Bank and payment service providers will update mobile numbers every week.
If you transact from Unified Payment Interface (UPI) and your mobile number linked to the bank is inactive for a long time, then get it active immediately. Otherwise you may have trouble paying. Because, from April 1, the new rule related to UPI Payment Service is going to be implemented.
In this, such mobile numbers related to bank account, which are not active for a long time or have been re -active after the closure. They will be removed from the UPI system. This change will affect those users whose bank account has an old or closed number linked.
The National Payment Corporation of India (NPCI), an organization that regulates UPI, has instructed banks and payment service providers to delink such mobile numbers. At the same time, NPCI may also shut down the bridge transaction feature soon.
Decided to stop cyber fraud
NPCI has taken this decision to prevent cyber fraud and untreated transactions. Many times after the mobile number is closed, telecom companies allot them to another user. In such a situation, the risk of fraud on bank accounts connected to the old number increases.
For this reason NPCI has instructed banks and UPI apps like Google Pay, Phone Pay or Paytm to identify the inactive mobile number every week and remove them from their system. This means that if your number is not active for a long time, it can be removed from the record of the bank automatically.
Alert message will be sent before closing the service
Users will be sent an alert message to close UPI service. Despite the warning, if a mobile number remains inactive, it will be removed from the UPI system.
Bridge transaction feature can remove NPCI
Fraud cases are increasing due to bridge transactions through UPI. In such a situation, in the NPCI payment apps, the bridge is preparing to decide or remove the limit of the transaction feature. According to the NDTV report, NPCI is making a plan in collaboration with banks how to stop the bridge transaction or end it. However, this plan is still in the initial stage. No official information has been revealed yet when and how it will be implemented.
What is a bridge transaction? Whenever someone sends a request to pay a merchant or person on your UPI app, it is called ‘Bridge Transaction’. It already includes the amount paid. The user only has to enter his PIN number on his UPI app.
In this, a notification comes on the payment app, as soon as you click on, you see a transaction pop-up with the amount. When you click on it and enter the pin, the amount goes to the account of the sender.
At the same time, when the user transfers the amount through UPI by scanning the QR code or putting a mobile number directly, it is called ‘Push Transaction’. In such transactions, the customer himself feeds the amount to be paid in his UPI app.
20,000 crore transaction target
The government is working to promote digital payment. The Union Minister informed that the government aims to complete 20,000 crore transactions in FY 2025-26. Also, UPI has to be promoted to small cities and villages.
Previously, merchant discount rate on Rupay Debit Card and BHIM-UPI transactions was zero. Now, with this new incentive scheme, shopkeepers will be promoted to get UPI payment.
He told that, ‘UPI payment is easy, safe and fast payment service for shopkeepers. Also, money without any extra charge comes directly into the bank account.
NCPI operates UPI
RTGS and NEFT payment system operations in India are with RBI. The National Payment Corporation of India (NPCI) operates systems like IMPS, Rupay, UPI. The government had a zero-charge framework mandator for UPI transactions from 1 January 2020.
How does UPI work?
For UPI service, you have to prepare a virtual payment address. After this it will have to link to the bank account. After this, there is no need to remember your bank account number, bank name or IFSC code etc. The payment bus processes the payment request according to your mobile number.
If you have its UPI ID (e-mail ID, mobile number or Aadhaar number), then you can easily send money through your smartphone. Net banking, credit or debit card will not be required not only for money but also for utility bill payment, online shopping, shopping etc. You can do all this work with unified payment interface system.
