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UPI scams have become a menace but this feature change will ensure that people don’t mistakenly send money to strangers.
UPI scams have played a big part in its removal and much needed
UPI scams have destroyed lives with people losing their hard-earned money to scammers using the convenience to their advantage. UPI apps like Paytm, Google Pay and PhonePe let you make UPI payments using a six or four-digit passcode and banks operate it with heavy security. But most of these UPI scams happen when people are in a hurry or they are in a tough situation.
Sometimes these scams are linked to your online shopping or delivery agents too. But now, the apex body taking care of UPI is ready to block one of the main pathways for these scams and these changes will come into effect from October 1 this year.
End Of UPI Payment Requests
Payment request on UPI was introduced with a clear thought – making payments easy. But the receiving tool became a weapon in the hands of the scammers. Many people started getting fake payment requests which at times felt to them like someone was sending them the money.
There have been cases of OLX scams online that involved the payment feature which came at the cost of people losing their money in the guise of buying a used item from the platform.
And because of cases like these, they used to authorise the payment request and allow the scammer to take money from the bank account. These changes will have to be in effect from October 2 onwards, and the NPCI has demanded the systems be updated to block such payment requests past the deadline.
These new tweaks are surely looking to secure UPI payments, which has grown exponentially in the last few years. The actual purpose of UPI is to simplify payments and removing any kind of loophole helps people feel safer using the platform.
In addition to this, NPCI recently changed the limits for using the UPI Lite version which is effectively a prepaid wallet built into the UPI infrastructure. Earlier, you could add up to Rs 2,000 into the wallet, which has now gone up to Rs 5,000 and the single payment limit has been increased from Rs 500 to Rs 1,000 through the UPI version.
That’s not all, you also have the UPI auto top-up feature available for the Lite version, which you can manually set a limit and the wallet will automatically add money to start using without you having to do it manually all the time.
S Aadeetya, Special Correspondent at News18 Tech, accidentally got into journalism 10 years ago, and since then, has been part of established media houses covering the latest trends in technology and helping fr…Read More
S Aadeetya, Special Correspondent at News18 Tech, accidentally got into journalism 10 years ago, and since then, has been part of established media houses covering the latest trends in technology and helping fr… Read More
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