Unified Payments Interface (UPI) - News & Updates

[Siddarth27]

Inactive UPI IDs from the last one year get deactivated from January 1 onwards

UPI accounts not operational stand to get de-activated from Jan 1 onwards

The process of deactivation will be done by the third-party application providers and PSP which will identify UPI IDs and associated UPI numbers and phone numbers of customers who have not carried out any transaction for one year from their UPI ID.

www.livemint.com

 

[Siddarth27]

https://twitter.com/x/status/1745347712709730479

 

[Siddarth27]

https://twitter.com/x/status/1753358822691979376

 

[Bapun]

India's wildly popular payments system attracts scammers

Fast and free, India's UPI payments system has been a big success, but has attracted scammers.

www.bbc.com

 

[Siddarth27]

The Central Bank is also provisioning to introduce ‘Delegated Payments’ through UPI. This will enable a secondary user, like a spouse to make payments via UPI by using the bank account of the primary user.

RBI enhances UPI tax payment limit to ₹5 lakh per transaction

RBI increases UPI tax payment limit to ₹5 lakh, introduces Delegated Payments for secondary users, aiming to boost digital payments.

www.thehindu.com

 

[Bapun]

What is UPI Circle?

UPI Circle is designed to empower users who may not have direct control over their finances but still require the ability to make digital payments.

Primary users can link their UPI accounts with secondary users, granting them the ability to make payments on their behalf.

This system allows for two types of delegation:

Full Delegation: The primary user gives the secondary user the authority to initiate and complete transactions within predefined spending limits.

The secondary user does not need further approval to complete these transactions.

Partial Delegation: The secondary user can initiate transactions, but the primary user must authenticate and finalise the payment using their UPI PIN.

UPI Circle feature launched: How to allow multiple users to access one UPI account - CNBC TV18

UPI Circle is designed to empower users who may not have direct control over their finances but still require the ability to make digital payments.

www.cnbctv18.com

 

[Bapun]

https://twitter.com/x/status/1837344571375636527

 

[iDJ]

This is so bad. Friend of mine who received money from another friend who happened to get money from some flagged account got his bank account blocked, filed a case against him and asked to visit cyber police in Bangalore.

 

[Bapun]

The Reserve Bank of India (RBI) has allowed holders of full-KYC Prepaid Payment Instruments (PPIs) to conduct Unified Payments Interface (UPI) transactions via third-party applications.

RBI permits third-party UPI apps to process payments from PPI wallets

The revised regulations by the Reserve Bank of India (RBI) stipulate that PPI issuers must enable full-KYC wallet holders to link their PPIs to third-party UPI apps.

entrackr.com

 

[Bapun]

NPCI extends deadline to implement UPI market share cap to December 31, 2026.

https://twitter.com/x/status/1874093678945591307