UPI apps has been a game changer in the financial aspect from big businesses to college students. Managing finances has never been easier. The unique features of the UPI apps promises trustworthy transactions which gained the trust of the customers too. A special feature related to Unified Payments Interface UPI is being gradually discontinued. According to recent media reports, National Payments Corporation of India i.e. NPCI is preparing to limit the ‘Collect Payments’ feature. Actually, now this facility can be available only to big and verified merchants and customers wonder if UPI is trustworthy or not. Let us first understand what is the ‘Collect Payments’ feature?
Let us tell you that ‘Collect Payments’ is also called pull transaction. With the help of this feature, the person receiving the money can send a request to send money to someone through UPI. The sender can approve it by going to his UPI app, after which the transaction is completed. For example, when you shop online and choose payment from ‘UPI Collect’, you have to go to your UPI App and approve the transaction.
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It is being said in the reports that NPCI wants to promote QR code and push payment more. NPCI believes that by scanning QR code and making payment and sending money directly, the use of UPI will become more safe and effective. This step of NPCI will increase the trend of QR code and direct transfer. Not only this, it will also help in preventing fraud related to UPI.
How is this feature changed:
Although NPCI will not completely close it, but this feature will be available only for some big and verified merchants. Apart from this, the limit of person-to-person i.e. P2P collect payment can be limited to Rs 2,000. It is being said that small traders may have some problems with this in the beginning, but they can easily adjust themselves with this change by adopting the QR code payment system.
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