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NPCI to deactivate THESE UPI IDs by December 31, 2023

Livemint

Livemint · 1y ago

NPCI to deactivate THESE UPI IDs by December 31, 2023

The National Payments Corporation of India (NPCI) has instructed payment applications to deactivate UPI IDs that have been inactive for over a year by December 31, 2023. This is to prevent inadvertent fund transfers when customers switch their mobile numbers without unlinking them from their banking system. Third-party app providers and payment service providers must take necessary actions, and users must verify and update their UPI IDs and associated phone numbers accordingly. Deactivated UPI IDs and phone numbers must be re-registered for inward credit transactions.

Related News

Inactive UPI IDs will be deactivated by December 31, 2023 by payment apps: NPCI

Economic Times

Economic Times · 1y ago

Inactive UPI IDs will be deactivated by December 31, 2023 by payment apps: NPCI

Under new guidelines issued by the National Payments Corporation of India (NPCI), payment apps and banks are required to deactivate UPI IDs and numbers that have been inactive for over a year. This measure aims to prevent inadvertent money transfers to unintended recipients, especially when customers change their mobile numbers without disassociating the old number from the banking system. The guidelines must be implemented by December 31, 2023.

NPCI Puts Brakes On Misuse Of Virtual IDs

Inc42 · 8m ago

NPCI Puts Brakes On Misuse Of Virtual IDs

Fintech companies are offering services using unauthorised third-party authentication of users through their UPI Ids, which goes against the rules set by the NPCI and the central bank. The NPCI has ordered the shutdown of these services, stating that UPI APIs are intended for facilitating UPI payments and verifying users for fraud prevention purposes only.

UPI transactions cross 11 Bn for second month in November

Entrackr

Entrackr · 1y ago

UPI transactions cross 11 Bn for second month in November

In November, India's Unified Payments Interface (UPI) recorded 11.24 billion transactions worth Rs 17.40 lakh crore (Rs 17.40 trillion), a slight dip from the previous month. This marks the second time UPI crossed the 11 billion transaction mark in a month. PhonePe emerged as the leading contributor to UPI transactions with over 5 billion transactions in October. Google Pay and Paytm followed with 4.13 billion and 1.41 billion transactions respectively. UPI has expanded its operations globally, entering countries like France, Bhutan, Nepal, Singapore, and soon Sri Lanka and the UAE. NPCI has also mandated third-party UPI apps to deactivate inactive UPI IDs and numbers.

NPCI curbs on unauthorised use of UPI IDs by fintech companies

Economic Times

Economic Times · 8m ago

NPCI curbs on unauthorised use of UPI IDs by fintech companies

The National Payments Corporation of India (NPCI) has instructed fintech firms to halt unauthorised use of virtual IDs for activities beyond payments and settlements on the Unified Payments Interface (UPI) platform. Some businesses had been using UPI IDs to verify users, which is not authorised by NPCI and the Reserve Bank of India. NPCI warned that any violation of guidelines would result in penalties or cessation of UPI services. Fintechs, including identity verification platforms and payment aggregators, have been using UPI APIs to authenticate users and build customer profiles.

UPI transactions surge 8% in December

Entrackr

Entrackr · 6m ago

UPI transactions surge 8% in December

UPI transactions surge 8% in December Unified Payments Interface (UPI) recorded 16.73 billion transactions worth Rs 23.25 lakh crore in December, marking an 8% increase in volume and a 7.88% rise in value compared to November. On a year-on-year basis, this reflects a 39% year-on-year (YoY) growth in volume and a 28% increase in value, according to data released by NPCI (The National Payments Corporation of India). The average daily transaction count for December was 540 million, with a total daily transaction value of Rs 74,990 crore. In November, the daily average transaction count was 516 million, with a daily transaction value of Rs 71,840 crore. This upward trend continued from October 2024, when UPI processed 16.58 billion transactions worth Rs 23.50 lakh crore. PhonePe currently leads the UPI market with nearly 48% share by transaction volume, followed by Google Pay at 37% and Paytm at 7%. The market share is unlikely to change as NPCI has extended the compliance timeline for Third Party App Providers (TPAPs) exceeding the volume cap in UPI. The deadline has been extended by two years, until December 31, 2026. Meanwhile, NPCI has lifted the user onboarding limit for WhatsApp Pay, allowing the platform to extend UPI services to its entire user base across the country. Currently, UPI payments are accepted in seven countries, including Bhutan, Mauritius, Nepal, Singapore, Sri Lanka, and France. According to media reports, NPCI is working to expand its services to Qatar, Thailand, and the broader Southeast Asian region.

Paytm begins user migration to new UPI IDs; here is how it will affect you

Livemint

Livemint · 1y ago

Paytm begins user migration to new UPI IDs; here is how it will affect you

Paytm is migrating its customers to partner payment service provider banks following the Paytm Payments Bank crisis. The National Payment Corporation of India (NPCI) has given approval for this migration process. Paytm users will be transferred to partner banks including Axis Bank, HDFC Bank, SBI, and Yes Bank. Under this migration process, users' UPI IDs will change to new IDs associated with these partner banks. The Reserve Bank of India had asked Paytm Payments Bank to stop accepting deposits or top-ups, leading to this migration.

UPI transactions near 17 Bn in January

Entrackr

Entrackr · 5m ago

UPI transactions near 17 Bn in January

UPI transactions near 17 Bn in January The Unified Payments Interface (UPI) recorded 16.99 billion transactions worth Rs 23.48 lakh crore in January, reflecting a 39% year-on-year growth in transaction volume and a 28% increase in transaction value. On a monthly basis, UPI saw a 1.55% growth in volume and nearly a 1% rise in value, compared to 16.73 billion transactions worth Rs 23.25 lakh crore in December. According to data released by the National Payments Corporation of India (NPCI), the average daily transaction count stood at 548 million. PhonePe currently leads the UPI market with a 47.7% share of transaction volume, followed by Google Pay at 36.7% and Paytm at 6.87%. This market share distribution is unlikely to change soon, as NPCI has extended the compliance timeline for Third-Party App Providers (TPAPs) exceeding the UPI volume cap. The new deadline has been extended by two years, until December 31, 2026. Meanwhile, NPCI has lifted the user onboarding limit for WhatsApp Pay, allowing the platform to offer UPI services to its entire user base across India. Recently, NPCI Chief Dilip Asbe disclosed that approximately 450 million users are currently utilizing UPI, with around 200 million daily active users. He emphasized the need for substantial support from the Reserve Bank of India (RBI), the government, and the broader financial ecosystem to explore strategies for onboarding an additional 200-300 million users onto the UPI platform.

NPCI extends proposed 30% UPI market share cap deadline by another two years

Economic Times

Economic Times · 6m ago

NPCI extends proposed 30% UPI market share cap deadline by another two years

The National Payments Corporation of India (NPCI) has extended the deadline for implementing a 30% market share cap on each Unified Payments Interface (UPI) player by two years, now set for December 31, 2026. This extension aims to ensure continued growth in UPI adoption without disrupting current market dynamics. The decision provides leading players like PhonePe and Google Pay—who hold around 90% market share—additional time for compliance. WhatsApp Pay has also been allowed to expand its user base.

Parliamentary panel flags dominance of foreign-owned UPI apps, urges promotion of local fintechs

Economic Times

Economic Times · 1y ago

Parliamentary panel flags dominance of foreign-owned UPI apps, urges promotion of local fintechs

The parliamentary standing committee on communications and information technology has raised concerns over the high market share of foreign-owned fintech apps in India's Unified Payments Interface (UPI) system. Apps such as PhonePe and Google Pay, owned by Walmart and Google respectively, dominate the Indian fintech sector. The committee recommends promoting local fintech apps, emphasizing the need to focus on 'Make in India' in the fintech sector. The National Payments Corporation of India (NPCI) has also proposed imposing a 30% ceiling on UPI market share by volume after December 31, 2024.

30% UPI Cap Unlikely To Be Implemented Soon: Report

Inc42 · 10m ago

30% UPI Cap Unlikely To Be Implemented Soon: Report

The proposed 30% market share cap on UPI apps is unlikely to be implemented by the December 2022 deadline, as the government has not yet officially communicated its decision to the National Payments Corporation of India (NPCI). The NPCI had initially suggested this cap in November 2020 but later extended the deadline to December 2024.

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