ETtech Explainer: How the rise in online payment frauds pushed NPCI to kill ‘pull’ transactions

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From October 31, you may not be able to request someone to pay you through the Unified Payments Interface (UPI). The National Payments Corporation of India (NPCI) is shutting down this ‘pull’ transaction service, due to the proliferation of fraud cases, sources told ET.

Let’s understand what this means and why it is happening.

What are push and pull UPI transactions?

A push UPI transaction is when the user or payer sends money to someone else through apps such as Google Pay, PhonePe, Paytm, or BHIM by scanning a QR code, entering their UPI ID or their…



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ETtech Explainer: How the rise in online payment frauds pushed NPCI to kill ‘pull’ transactions



From October 31, you may not be able to request someone to pay you through the Unified Payments Interface (UPI). The National Payments Corporation of India (NPCI) is shutting down this ‘pull’ transaction service, due to the proliferation of fraud cases, sources told ET.

Let’s understand what this means and why it is happening.

What are push and pull UPI transactions?

A push UPI transaction is when the user or payer sends money to someone else through apps such as Google Pay, PhonePe, Paytm, or BHIM by scanning a QR code, entering their UPI ID or their…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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