NPCI sends ‘warning letter’ to fintech companies: Penalty and ban for this ‘unauthorised’ use of UPI IDs

The National Payments Corporation of India (NPCI) is reportedly taking a firm stance against unauthorised use of virtual IDs generated for Unified Payments Interface (UPI) transactions. According to a report in Economic Times, certain fintech firms have been offering a service that allows businesses to authenticate users using their UPI IDs, a practice that violates NPCI and Reserve Bank of India guidelines.