You must be aware of one issue if you utilize UPI apps like Paytm, Google Pay, or Phone Pay. Your UPI ID will be closed on December 31, 2023, if you do not use it for any transactions. In this context, the National Payment Corporation of India (NPCI) has released a circular. This circular states that as of December 31, 2023, all UPI IDs that have not been used for a year will be closed. This implies that in order to reactivate your UPI ID, you will need to register anew if you haven’t made any payments with it in a year.
UPI App Update – Concerning NPCI
The National Payment Corporation of India, or NPCI, is an Indian non-profit. It oversees the retail payment and settlement system in India. Every UPI app, including Paytm, Google Pay, and PhonePe, complies with NPCI regulations.
The NPCI oversees all of the transactions made through these apps. In the event of a dispute of any kind, NPCI also mediates. This guarantees the security and transparency of every transaction made via UPI apps.
What guidelines apply?
The goal of this measure, according to NPCI, is to improve user security. Users frequently generate a new UPI ID without disconnecting their previous mobile number. This raises the possibility that someone else might use the outdated ID to commit fraud. The NPCI thinks that closing IDs that have not been used for a year will lessen this risk.
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