UPI Changes from October 1: The National Payments Corporation of India (NPCI) is set to make a major change in UPI transactions from October. The move is to stop a feature that is used by the most people. The main feature of peer-to-peer (P2P) transactions is being stopped.
This is a feature where a UPI user can request money from another account holder and buy it. NPCI has asked banks and payment apps to take steps in this regard. The new change will come into effect from October 1. The main objective of stopping the ‘Collect Request’ feature is to prevent financial fraud.
Currently, the maximum limit for the peer-to-peer collect feature is Rs 2,000 per transaction. NCPI also said that this has reduced fraud to an extent. However, from now on, users will have to rely on a QR code to send money. At the same time, only requests between individuals will be banned. Legitimate businesses will be able to continue sending requests. This means that collection requests will still come from platforms like Flipkart, Amazon, Swiggy, and IRCTC. Users can also make payments as usual. At the same time, the current split payment options will remain unchanged.
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