UPI UPDATE: Now you will not be able to make online payment through UPI, new orders issued!
UPI UPDATE: In today’s modern times, through online medium, we can do almost everything sitting at home like ordering food at home or doing online shopping etc. UPI system has played a big role in making all these things easy online because with the help of UPI we can make online payment to anyone in a few seconds.
In our country India, almost everyone uses the UPI payment system because it is very easy to use and with its help we can send even ₹ 1 online or even ₹ 1 lakh online. This is the most special thing about this UPI system, let us also tell you that today many other countries are also planning to adopt the UPI created by our country.
UPI payment system was started in the year 2016 by NPCI under the guidance of RBI to make it easier for people to make online payments and similarly, today online payment can be done easily through UPI. But currently a UPI update has come according to which now you can not make online payment through UPI. Let us know what is the complete UPI update.
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Your UPI ID is about to be closed: UPI UPDATE
Recently, on November 7, a new guideline regarding UPI has been issued by NPCI (National Payments Corporation of India), which is very important for all of you to know if you use UPI to make online payments.
This new guideline of NPCI is such that if any customer has not done any financial or non-financial transaction through his third party UPI application like – Google Pay, Paytm, BHIM, Phone Pay etc. in the last 1 year, then his UPI ID will be closed. After which he will not be able to make any online payment through UPI.
New guidelines will be implemented from this day
This new guideline of NPCI will be applicable for all companies like Google Pay, Phone Pay, Paytm etc. from January 1, 2024. NPCI has given everyone time till December 31, 2023, that if by this date no transaction has been done in the last one year in the UPI ID, then that ID will be closed.
So if you have not done any transaction with your UPI ID in the last 1 year, then do any non-financial or financial transaction on it so that your UPI ID does not get closed and you remain eligible to make online UPI payments.
Wrong transactions will be banned
With the help of this new guideline of NPCI, it will help in reducing fraudulent transactions and will also help in identifying unused UPI accounts. Also, if people change their number and forget to deactivate UPI, their UPI ID will also be automatically closed with time so that no one will be able to misuse their ID.
We hope that you have got information about UPI Update from this article, share it with your friends also so that they can also get information about UPI Update. To read more such articles, please visit our finance page.
Frequently Asked Questions (FAQs)
1. What is UPI?
– UPI stands for Unified Payments Interface. It is a real-time payment system in India that facilitates instant money transfers between banks through mobile devices with the help of a unique UPI ID.
2. How does UPI work?
– UPI allows users to link multiple bank accounts to a single mobile application. Users can then make seamless transactions by using their UPI ID, which eliminates the need for entering lengthy bank details.
3. Why is my UPI ID at risk of closure?
– As per the recent NPCI guideline, if there is no financial or non-financial transaction conducted through your UPI ID in the last 1 year, it is subject to closure to enhance security and reduce unused accounts.
4. When will the new UPI guidelines be implemented?
– The new guidelines will come into effect on January 1, 2024, for all UPI service providers like Google Pay, PhonePe, Paytm, etc. Users have until December 31, 2023, to ensure activity on their UPI ID to avoid closure.
5. Can I reopen my UPI ID if it gets closed due to inactivity?
– Currently, the guidelines do not specify a reactivation process for closed UPI IDs. It is advisable to keep your UPI ID active by performing at least one transaction in the last year to avoid closure.
6. How can I safeguard my UPI account from misuse?
– To prevent misuse, ensure you deactivate your UPI ID when changing your mobile number. The new NPCI guideline also aims to automatically close inactive UPI IDs, adding an extra layer of security.
7. Are there any transaction limits on UPI?
– Yes, UPI transactions are subject to daily and per-transaction limits set by banks. These limits may vary, and users should be aware of their bank’s specific UPI transaction limits.
8. Is UPI available only in India?
– As of my knowledge cutoff in January 2022, UPI is primarily used in India. However, there have been discussions about other countries exploring the adoption of a similar payment system. Please check the latest updates for the current status.
Remember that these FAQs provide general information, and specific details may vary based on your bank and the UPI service provider.