UPI Payments: You are inactive after generating UPI on Google Pay, PhonePe, Paytm and if the verification is not completed by December 31, 2023, then the customers related to the new year will not be able to use UPI.
If you make UPI payment through Google Pay, PhonePe, Bharat Pay, Paytm or any other means, then the Central Government is going to take a strict step to stop fraud in this. The central government can implement a new system to make UPI payments secure. Under this, a new alert system can be introduced for transactions of more than five thousand rupees. In this, if a consumer or businessman makes payment through UPI more than this amount, then he will be sent an alert through call or SMS and will be asked to verify this transaction. Money will be deducted from the account only after verification.
Instructions for banks and companies: National Payment Corporation had also recently asked all the banks and app companies providing payment facilities like Paytm, Phone-Pay and Google-Pay to verify those customers whose UPI account is long overdue. No digital transaction has been made till date and the account is inactive.
Such customers will have to get KYC done again, under which the bank account number and mobile number will be verified. If verification is not completed by December 31, 2023, customers associated with the new year will not be able to use UPI.
It is being told that recently a high level meeting was called in the Finance Ministry to prevent SABR fraud cases. Officials from Finance, Revenue, Financial Services, Economic Affairs departments and IT Ministry and National Payment Corporation were present in it. Many measures were discussed in detail in the meeting. The government has received many proposals, especially regarding fraud done through UPI, which also includes a new alert system. It is being told that this can be implemented soon.
Facility will be available for new users: It is being said that this alert system will initially be implemented for new users or sellers. Later this facility will be available to everyone. Banks, financial institutions and third party apps can adopt this instant alert and verification system. However, many financial institutions have already implemented such systems but the payment limits are higher.
Verification will be done in this manner: Under this system, when a user makes a payment of more than five rupees through UPI to another person or shopkeeper for the first time, he will first receive a verification call or will be sent an SMS. The user will have to approve this payment. After this you will have to enter your PIN number. Payment will be completed after two-step verification. If the verification process is not completed at any stage then the payment will get stuck.
Lakhs of numbers have been closed: The government has already adopted a strict attitude towards online banking fraud. Under this, lakhs of mobile numbers have been blocked as an initial step. The government has already suspended 70 lakh mobile numbers due to their involvement in suspicious transactions. The government has also made the rules regarding SIM cards stricter from December 1st.
