The National Payments Corporation of India (NPCI) has directed banks and other financial services providers to show its promotional video on how to use UPI safely on their apps for users’ benefit.
NPCI has asked banks and third-party app providers (TRAPs) to ensure compliance with its directives by March 31, 2023.
The National Payments Corporation of India (NPCI) has directed banks and other financial services providers to show its promotional video on how to use UPI safely on their apps for users’ benefit.
In a letter to banks, merchant service providers (PSPs), and third-party app providers (TRAPs) on Wednesday, NPCI asked them to prominently display the video on their apps or give a link to it in case the video cannot be uploaded on the application for some reason, as part of a safety drive for UPI users.
NPCI noted that the Unified Payments Interface (UPI) system is close to achieving a milestone of 300 million daily transactions. Against this backdrop, it said, it is vital for users to understand the safety measures. As new users are added daily, an awareness video will assist them in safely conducting UPI transactions.
Meanwhile, it has asked banks and TRAPs to ensure compliance with its directives by March 31, 2023. The directions include banks and TRAPs must make the video “How to use UPI safely” available on the app’s first screen in a “prominent place” whenever a user installs or opens a UPI app. Furthermore, in case playing the video in the app is not feasible, they must provide a link to the video.
It has also asked them to provide an option to change the language in the video so that users can watch it in their language. They were also advised to make the video available to existing and new users.
In case they want to give a link to the video on YouTube, they must provide eight language options: Bengali, Gujarati, Tamil, Kannada, Telugu, Marathi, English, and “Hinglish”. It has also provided a banner to which they can link the video (image plus open file to adapt to your pixel requirement).
Also, banks and TRAPs making their own videos and banners must cover all the points it has mentioned before getting approved from NPCI and implemented.
UPI Transactions Rise Sharply
NPCI data showed that around 74 billion transactions worth Rs 125.94 trillion were conducted using UPI in 2022. Additionally, in 2021, the platform handled over 38 billion transactions worth Rs 71.54 trillion¸ suggesting a nearly 90 per cent jump in transactions year-on-year, with average value increasing by 76 per cent.
In December 2022, the number of UPI transactions saw a record high of 7.82 billion, or worth Rs 12.82 trillion, up by 7.12 per cent compared to November.