With the “UPI Collect” function, users can request money from another UPI user by sending a payment request via their UPI app. | Photocredit: Allen Egenuse J
The National Payments Corporation of India (NPCI) has instructed banks and payment apps to stop all peer-to-peer (P2P) uniform payment interface “request” of 1 October to curb fraud, according to a circular.
With the “UPI Collect” function, users can request money from another UPI user by sending a payment request via their UPI app. Instead of starting a transfer, the user sends a request to the recipient, who must then approve the payment to be processed. However, the P2M collection function remains unaffected because of the change.
At present, the maximum amount that an UPI user can collect per transaction is £ 2,000. The number of successful P2P credit transactions is covered by 50 a day. While “Collect Request” fraud was common in the early days of UPI, this fraud is reportedly dramatically reduced after NPCI limited the value to around £ 2,000.
UPI Transactions Volume rose in July to a highest peak of 19.47 billion, an increase of 35 percent on an annual basis (yoj). The total UPI transaction value rose by 22 percent yoJ to £ 25.08 Lakh Crore in July. On average, 628 million UPI transactions were carried out daily in July. In June a total of 18.40 billion transactions were carried out for an amount of £ 24.04 Lakh Crore using UPI.
Published on August 13, 2025
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