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| Google Pay, Paytm, And PhonePe |
Ban On Online Payment From 31st December! Google Pay, Paytm, And PhonePe UPI ID Will Be Closed, Know Why?
Users of Google Pay, Phone Pay, and Paytm have been instructed to deactivate their UPI ID from December 31. The reason for this is that user security problems may increase due to not using a UPI ID. This instruction has been issued by NPCI. It is a non-profit organization and operates the payment and settlement system of India. This decision is part of reducing the risk of UPI ID fraud.
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 transacted with any of your UPI IDs for a year, then it will be closed after December 31, 2023.
What is NPCI?
It is a non-profit organization, which is India's retail payment and settlement system. 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 do the rules say?
According to NPCI's circular, the reason for closing UPI ID which has not been used for 1 year is user security. In fact, 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.
Supreme Court gave the order
There is a possibility that your old number may be issued to a new user. As the Supreme Court said in its order, there is a possibility of fraud in that situation. 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, she 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.