UPI ID Deactivation
NPCI has issued a significant circular in December, introducing a deadline for banks and payment apps. According to this directive, UPI IDs and numbers that have remained inactive for over a year must be deactivated.
This directive impacts leading UPI apps such as Google Pay, Paytm, and PhonePe. The move aligns with the directive from the Telecom Regulatory Authority of India (TRAI), allowing telecom companies to reassign deactivated mobile numbers to new subscribers after a 90-day period.
How To Avoid UPI Deactivation?
It’s important to note that users may overlook updating their numbers in banking systems, potentially leading to inadvertent fund transfers.
To adhere to this directive and avoid complications, UPI users are advised to take several key steps.
Firstly, users should promptly update their mobile numbers with their respective banks. Additionally, they must scrutinize phone numbers associated with their UPI IDs, ensuring that these numbers have not been inactive for over three months. Furthermore, users are reminded to actively use their UPI IDs and avoid prolonged periods of inactivity, not exceeding one year.
As UPI transactions continue to set new records, the NPCI’s proactive measures aim to enhance security, streamline operations, and ensure a seamless digital payment experience for users across various platforms.
Record UPI Transactions
In November 2023, Unified Payments Interface (UPI) transactions in India reached an unprecedented milestone, surging to a historic high of Rs 17.4 lakh crore.
This remarkable achievement was accompanied by the crossing of the 11 billion transaction volume mark, signifying a substantial increase of 54% in transaction volume and 46% in transaction value compared to the same period in 2022.
UPI Transactions Cross 17.4 Lakh Crore Mark
Despite experiencing a marginal dip in transaction volume from 11.4 billion in October to 11.2 billion in November, this can be attributed to the month’s reduced number of days and the conclusion of festive season sales. However, in percentage terms, the value of transactions witnessed a notable 1.45% month-over-month increase, as reported by the National Payments Corporation of India (NPCI).
October had witnessed a robust surge in transaction value by 8.6% and transaction volume by 8.1%, primarily driven by heightened consumer spending during the festive season.
