NPCI to take Away Store Bills Constituent from UPI to CURB Fraud Horse All Main Points

There will be a big change for UPI users soon. According to a media report, Nationwide Bills Company of Bharat (NPCI) has started the process of removing the ‘Store Bills’ feature. This step is being taken in view of the increasing incidence of fraud. With this change, now only big and verified merchants will get the facility of SNATCH Bills, while the limit of Person-to-Person Collect request has been limited to Rs 2,000.

ET’s report quoting a banking officer suggests that SNATCH transactions are considered more risky than fraud. Scammers often contact retailers on the pretext of buying online products and send SNATCH Request by pretending to be UPI payment. Users accidentally understand the request to receive the payment and as soon as it approves it, the money is deducted from their account.

This step of NPCI is towards making UPI transactions more secure. In this, QR Code and Direct Push Bills will be promoted especially. This change is part of India’s strategy to secure rapidly growing digital payment ecosystem, where traditional payment modes are shifting to UPI faster.

The report further quoted banking officials as saying that this change will be implemented phase-wise so that small traders can get time to adopt QR code and other payment modes. At the same time, big upi apps like Google Pay and PhonePe are expected to benefit from this change, because most of the transactions will now pass through their platforms.