The National Payments Corporation of India (NPCI) said that all Unified Payments Interface (UPI)-based applications will seek permission of consumers before recording location or geographic data. In a circular, NPCI said that if the subscriber has already consented to the original location disclosure while using the services, then its provisions should be offered without any problem. “The Apps should continue to provide UPI services even after the Customer revokes the consent to share location or geographic details for the App,” the circular said.
If this work is not done then strict action will be taken
Whenever a customer grants permission to record his location, the permission should be appropriately communicated to UPI; Otherwise the company will take strict action. No Service Provider should refuse or disable Payment Services if the Customer refuses to consent. All the above rules must be followed by all members by December 1, 2022, and these are applicable only for Domestic UPI transactions between Individuals.
With the integration of credit cards with UPI, the penetration of credit cards in digital payments is expected to increase. The UPI system, which has evolved into one of the most inclusive payments in the country, was initially linked to RuPay credit cards under the initial scheme of RBI. Fintech platforms are expected to benefit from the increasing use of UPI as a medium of transactions. It is anticipated that the integration of credit cards with UPI will benefit full-stack financial solutions provider Paytm.