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NPCI to stop UPI P2P 'collect requests' from October 1 to combat fraud

Economic Times

Economic Times · 26d ago

NPCI to stop UPI P2P 'collect requests' from October 1 to combat fraud

The National Payments Corporation of India (NPCI) announced that from October 1, 2025, all member banks and UPI applications, including PhonePe, Google Pay, and Paytm, must stop processing peer-to-peer (P2P) collect requests made through UPI to address financial fraud. This elimination of P2P collect feature is aimed at enhancing security, ensuring all transactions are payer-initiated, thereby reducing fraud risks significantly. The move ensures more user control and security over transactions.

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NPCI looking to stop cons ‘pulling’ a fast one via UPI

Economic Times

Economic Times · 5m ago

NPCI looking to stop cons ‘pulling’ a fast one via UPI

The National Payments Corporation of India (NPCI) plans to phase out 'collect calls' for merchant payments to combat online frauds via the Unified Payments Interface (UPI). These 'pull' transactions, initiated by merchants, pose higher fraud risks. Authorities prefer 'push' transactions where customers initiate payments, like QR code scanning. This change addresses the rising online fraud instances, with significant financial losses reported. The shift aligns with the widespread adoption of secure UPI modes by consumers.

SEBI Unveils ‘Valid’: UPI Fraud Buster for Safer Market Deals

StartupTalky

StartupTalky · 3m ago

SEBI Unveils ‘Valid’: UPI Fraud Buster for Safer Market Deals

SEBI introduced "Valid," a secure Unified Payments Interface (UPI) mechanism, to enhance transaction security in the securities market. Launching on October 1, 2025, it assigns unique UPI addresses for registered market intermediaries to collect client payments, featuring the handle "@valid" for authenticity. Aimed at preventing fraud, it mandates intermediaries to provide this system to their investors. Additionally, "SEBI Check" will allow investors to verify registered intermediaries’ bank details and UPI IDs, boosting trust and transaction integrity.

NPCI to decide on UPI merchant transaction limits, says RBI Governor

YourStory

YourStory · 5m ago

NPCI to decide on UPI merchant transaction limits, says RBI Governor

The Reserve Bank of India has authorized the National Payments Corporation of India (NPCI) to revise transaction limits for Unified Payments Interface (UPI) merchant payments, allowing more flexibility in adapting to economic needs. The NPCI will work with banks and stakeholders to recalibrate person-to-merchant (P2M) transaction limits, currently set at Rs 2 lakh. However, person-to-person (P2P) limits remain unchanged at Rs 1 lakh, as confirmed by RBI Governor Sanjay Malhotra.

UPI Rule Changes from August 1: Daily Limits, Auto-Debit & API Restrictions Explained

StartupTalky

StartupTalky · 1m ago

UPI Rule Changes from August 1: Daily Limits, Auto-Debit & API Restrictions Explained

From August 1, the National Payments Corporation of India (NPCI) will implement new rules for the Unified Payment Interface (UPI) to enhance transaction functionality. These include daily limits on balance inquiry requests, restrictions on API usage such as Autopay, and specifications for retry attempts. UPI financial transactions should avoid peak hours to reduce congestion. Payment Service Providers must comply with these changes by July 31, 2025, or face potential penalties and restrictions.

PNB hikes locker rents across categories, revises stop payment and SI failure charges from October 1, 2025: check details - The Economic Times

Economic Times

Economic Times · 23h ago

PNB hikes locker rents across categories, revises stop payment and SI failure charges from October 1, 2025: check details - The Economic Times

Punjab National Bank (PNB) will revise service charges effective October 1, 2025, impacting locker rentals, stop payment instructions, standing instruction (SI) failures, and nomination services. Locker rates will increase in semi-urban, urban, and metro locations, while stop payment charges remain unchanged per instrument. A flat monthly fee for SI failures replaces the previous per-transaction charge. Nomination changes remain free for first-time requests, with subsequent requests incurring a fee, excluding instances of the nominee’s death.

IPO-bound PhonePe announces UPI payments on feature phones

Economic Times

Economic Times · 3m ago

IPO-bound PhonePe announces UPI payments on feature phones

PhonePe has announced the rollout of UPI payments for feature phones by purchasing GSPay from Gupshup. Built on UPI 123PAY by NPCI, this technology will be adapted into a new mobile app for feature phones. Offering basic UPI features like P2P transfers and offline QR payments, PhonePe aims to serve India's underrepresented feature phone users, which numbered around 24 crore in 2024. Additionally, Zarin Daruwala joins PhonePe's board as the company plans a public listing in April 2025.

UPI achieves 10% month-on-month growth in October

Entrackr

Entrackr · 10m ago

UPI achieves 10% month-on-month growth in October

Unified Payments Interface (UPI) witnessed decent growth in transaction volume and value from September to October 2024. In October, the digital payment platform recorded 16.58 billion transactions, a 10% increase from September’s 15.04 billion, according to data published by the National Payments Corporation of India (NPCI). The transaction value surged 14% to Rs 23.50 lakh crore in October from Rs 20.64 lakh crore in September. This growth was fueled by a 45% year-over-year rise in transaction count and a 37% rise in transaction value. Moreover, average daily transaction volume increased from 501 million in September to 535 million in October, with the daily transaction amount reaching Rs 75,801 crore, a noticeable increase from Rs 68,800 crore the previous month. In September, PhonePe maintained its leading position in India’s UPI market with a 48% share of transaction volume. Google Pay came in second with 37.4%, followed by Paytm in third place with 7%. The market share data for October has yet to be released. Recently, the National Payments Corporation of India (NPCI) granted approval to One97 Communications Limited, Paytm's parent company, to onboard new users onto its UPI platform. The new authorization is expected to help the Noida-based company expand its user base and enhance its market share in the competitive UPI sector. In recent weeks, NPCI has implemented significant changes to UPI transaction limits. The upper cap for certain types of UPI payments has been raised to Rs 5 lakh, while the limits for UPI Lite Wallet and UPI 123Pay have also been increased. These adjustments are intended to encourage greater digital transaction adoption, supporting the Indian government’s ambitious goal of achieving 1 billion transactions per day by 2026-27.

NPCI Puts Brakes On Misuse Of Virtual IDs

Inc42 · 10m 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.

Limit usage of non-financial requests to UPI: NPCI to banks

Economic Times

Economic Times · 4m ago

Limit usage of non-financial requests to UPI: NPCI to banks

The National Payments Corporation of India (NPCI) has instructed banks to limit non-financial transaction requests to the Unified Payments Interface (UPI) network, following recent outages. Banks are advised to audit their systems through a certified auditor and conduct annual audits henceforth. Excessive API usage by banks caused network congestion. NPCI also directed banks to display only the beneficiary's name during UPI transactions to streamline processes, alongside efforts to expand UPI capability globally.

Govt Working With Google Pay, Paytm To Block Real-Time Payments Fraud: Report Govt Working With Google Pay, Paytm To Block Real-Time Payments Fraud: Report

Inc42 · 2m ago

Govt Working With Google Pay, Paytm To Block Real-Time Payments Fraud: Report Govt Working With Google Pay, Paytm To Block Real-Time Payments Fraud: Report

The Indian government is collaborating with third-party UPI apps such as Google Pay, PhonePe, and Paytm to enhance safety measures for real-time transaction fraud detection. This initiative aims to curb fraudulent transactions, particularly targeting scams affecting users with lower digital literacy. The measures may involve introducing minor delays and issuing fraud alerts to protect users from fraudulent peer-to-peer (P2P) and person-to-business (P2B) transactions.

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