Ban on online payment from 31st December! Google Pay, Paytm and PhonePe UPI ID will be closed, know why!
Problems of Google Pay, Phone Pay and Paytm users may increase, because the UPI ID of many users may be closed from December 31. In fact, in this matter, a circular has been issued by the National Payment Corporation of India i.e. NPCI to Google Pay, Paytm and Phone Pay, in which NPCI has asked third-party apps like Google Pay, Phone Pay and Paytm to provide those UPI IDs. Instructions have been given to close it from December 31, 2023, which has not been activated for one year. Meaning, if you have not done any transaction with your UPI ID for a year, then it will be closed after December 31, 2023.
What is NPCI?
It is a non-profit organization, which is the retail payment and settlement system of India. That means apps like PhonePe, Google Pay and Paytm work on its guidelines. Also, in case of any dispute, NPCI acts as its mediator.
What the rules say:
According to NPCI's circular, the reason for closing the UPI ID which is not used for 1 year is user security. Many times users create a new ID without delinking their old number, which can become a cause of fraud. In such a situation, instructions have been given by NPCI to close the old ID.
How to create UPI ID in Gpay, know step by step process
Supreme Court has ordered that there is a possibility that your old number may be issued to a new user. As the Supreme Court said in its order, in that situation, there is a possibility of fraud. For all these reasons, it has been decided to close the old ID. The Supreme Court has said in its recent decision that telecom provider companies can deactivate numbers deactivated after 90 days. Also, they can transfer the number to someone else.
Note – If your UPI ID has been activated for the last one year. Meaning, that if you are transacting with that UPI ID, then you do not need to worry.