UPI New Rules: Big relief for UPI payment user! Now payment will not be made to the wrong person even by mistake, new rule will be applicable from June 30
New rules related to UPI are going to be implemented. NPCI has issued a notification. Just before making payment on the UPI app, the customer will only see the name of the final beneficiary.
UPI New Rules: UPI has expanded to many countries of the world including India. Crores of people use it. This digital payment platform makes transactions easier. It also promotes cashless transactions. The National Payments Corporation of India often makes many changes in the interest of users. NPCI has taken a big step to curb fraud. Now users will get the benefit of new features.
Under the new rules, UPI payment will no longer be possible without the identification of the beneficiary. Currently, most transactions are done through UPI number or virtual ID. In such a situation, the person making the payment does not know the identity of the user receiving the payment. But now this will not happen. Now just before the payment on the UPI app, the customer will only see the name of the final beneficiary. Recently NPCI has also issued a circular in this regard. The new rule for P2P and P2PM transactions will be applicable till June 30, 2025.
What did NPCI say about the new feature?
The notification issued by NPCI states that, “UPI applications will ensure that only the name of the final beneficiary (banking name obtained from Validate Address API) is displayed to the user on the pre-transaction details page. Names extracted from QR code, user-defined name of the payer or any other logic will not be displayed to the payers in the app.”
Now bank registered name will be visible on the app
All banks in India use Core Banking System (CBS) to store customer database and account information. Which facilitates real-time transactions. “Last Beneficiary Name” means the name recorded in the official records and database of the payer’s bank. This name is obtained through authorized banking API, in which users or apps are not allowed to change. Therefore it is considered the most accurate and qualified identity.
How will fraud be stopped?
Currently the name shown during UPI transaction can be different, it can be a nickname or business name. Due to which the chances of fraud also increased. Fraudsters can also fraud people by creating fake display names. From June 30, all bank-registered names will be visible. Nicknames or manually saved names in the contact list will not be shown during transactions. NPCI also said that UPI apps will discontinue all features that allow users to change the “beneficiary name” for payments in the app interface.
The post UPI New Rules: Big relief for UPI payment user! Now payment will not be made to the wrong person even by mistake, new rule will be applicable from June 30 first appeared on informalnewz.
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