NPCI is shutting down these QR code-based UPI transactions starting October 31

The government may have a new plan to curb Unified Payments Interface (UPI)-related scams. According to an Economic Times report, the National Payment Corporation of India (NPCI) is shutting down recipient-initiated person-to-person (P2P) digital payments, also known as ‘pull’ transactions. Quoting people familiar with the matter, the report says that the development will come into effect from October 31. NPCI has informed banks and fintech companies about the decision, the report added.

As per industry insiders quoted by ET in its report, P2P pull transactions account for only about 3% of UPI activity, making it easier for NPCI to withdraw the feature.