This is important news for millions of UPI users. In fact, a special feature of UPI is being shut down soon. Let us know how it will affect you.
A special feature related to Unified Payments Interface i.e. UPI is being gradually discontinued. According to recent media reports, the National Payments Corporation of India i.e. NPCI is preparing to limit the ‘Collect Payments’ feature.
In fact, this facility is now available only to large and verified merchants. First, let’s understand what the ‘Collect Payments’ feature is?
What is the ‘Collect Payments’ feature? :’Collect Payments’ is also known as a pull transaction. With the help of this feature, the recipient can send a request to send money to someone via UPI. The sender can go to his UPI app and approve it, after which the transaction is completed.
For example, when you shop online and choose to pay through ‘UPI Collect’, you have to go to your UPI app and approve the transaction.
UPI usage will become more secure: Reports are saying that NPCI wants to promote QR codes and boost payments. NPCI believes that making payments by scanning QR codes and sending money directly will make UPI usage more secure and effective. With this step by NPCI, the trend of QR codes and direct transfers will increase. Not only this, it will also help in preventing fraud related to UPI.
This feature will not be completely discontinued: While NPCI will not completely discontinue it, this feature will be available only to some large and verified merchants. In addition, the limit for person-to-person i.e. P2P collect payments may be limited to Rs 2,000. It is being said that small merchants may face some problems initially, but they can easily adapt to this change by adopting the QR code payment system.
