The National Payments Corporation of India (NPCI) has instructed third-party UPI apps and banks to deactivate inactive UPI IDs and numbers that have been unused for over a year. This is to prevent accidental money transfers to unintended recipients when customers change their mobile numbers without unlinking their old numbers from the banking system. The NPCI has set a deadline of December 31, 2023, for implementation of these guidelines. UPI apps are also required to perform Requester Validation before initiating transactions and display the customer’s name fetched from the banking system.
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NPCI to Google Pay, Paytm, PhonePe and others: Deactivate these UPI IDs by December 31
The National Payments Corporation of India (NPCI) has instructed third-party UPI apps and banks to deactivate inactive UPI IDs and numbers that have been unused for over a year. This is to prevent accidental money transfers to unintended recipients when customers change their mobile numbers without unlinking their old numbers from the banking system. The NPCI has set a deadline of December 31, 2023, for implementation of these guidelines. UPI apps are also required to perform Requester Validation before initiating transactions and display the customer’s name fetched from the banking system.
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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