ETtech Explainer: How the rise in online payment frauds pushed NPCI to kill ‘pull’ transactions

From October 31, you may not be able to request someone to pay you through the Unified Payments Interface (UPI). The National Payments Corporation of India (NPCI) is shutting down this ‘pull’ transaction service, due to the proliferation of fraud cases, sources told ET.

Let’s understand what this means and why it is happening.

What are push and pull UPI transactions?

A push UPI transaction is when the user or payer sends money to someone else through apps such as Google Pay, PhonePe, Paytm, or BHIM by scanning a QR code, entering their UPI ID or their…