UPI Payments New Rules: Complete this task before December 31st, or else you won't be able to use Google Pay, PhonePe, or Paytm to make UPI payments

 UPI Payments New Rules: Complete this task before December 31st, or else you won't be able to use Google Pay, PhonePe, or Paytm to make UPI payments

UPI Payments New Rules: Complete this task before December 31st, or else you won't be able to use Google Pay, PhonePe, or Paytm to make UPI payments

UPI Payments: After creating a UPI on Google Pay, PhonePe, or Paytm, you become inactive. Customers associated with the new year won't be allowed to utilize UPI if the verification process isn't finished by December 31, 2023.

The Central Government would implement stringent measures to prevent fraud in the event that you make a UPI payment via Google Pay, PhonePe, Bharat Pay, Paytm, or any other method. To make UPI payments safe, the central government might put in place a new mechanism. For transactions totaling more than five thousand rupees, this allows for the introduction of a new warning system. In this case, a customer or company owner who pays via UPI in excess of this limit would get a call or SMS notice and be prompted to confirm the transaction. The account will only be debited with money after verification.

Guidelines for banks and businesses: The National Payment Corporation has also requested that all banks and app developers that provide payment services like as Google Pay, Paytm, and Phone Pay confirm the identity of clients whose UPI accounts are past due. The account is dormant and has not been used for any digital transactions to date.

These clients will need to re-complete KYC, which entails verifying their cellphone number and bank account number. Customers affiliated with the new year will not be allowed to utilize UPI if verification is not completed by December 31, 2023.

It has been reported that the Finance Ministry recently convened a high-level conference with the aim of preventing SABR fraud cases. Attendees included representatives from the departments of Finance, Revenue, Financial Services, Economic Affairs, IT Ministry, and National Payment Corporation. The conference included a detailed discussion of many initiatives. Numerous recommendations have been submitted to the government, including one that addresses UPI fraud and incorporates a new warning system. We've been informed that this may happen very soon.

The following will be accessible to new users: It is believed that new vendors or users would be the target audience for the first implementation of this warning system. Later on, everyone will have access to this amenity. This rapid alarm and verification system may be implemented by banks, financial institutions, and outside applications. These methods have been used by several financial institutions, however the payment restrictions are larger.

The process for verification will be as follows: Upon making a payment via UPI to a merchant or another individual for the first time, a user will first get an SMS or a verification call. The payment must be worth more than five rupees. This payment has to be approved by the user. You'll need to provide your PIN number after this. After the two-step verification process, payment will be finalized. Payment will be blocked if the verification procedure is not finished at any point.

The government has previously taken a strong stance against online banking fraud, closing thousands of lines. As a first step under this, lakhs of cellphone numbers have been blacklisted. Seventy lakh cellphone numbers have already been suspended by the authorities because they were involved in questionable activities. Beginning on December 1st, the government has also tightened the regulations pertaining to SIM cards.