National Payments Corporation of India (NPCI) is bringing a new security feature for crores of people who make payments through UPI.
This feature will be implemented by 30 June 2025. Now when you make payment to someone through UPI, the receiver’s identity will have to be checked before making the payment…
National Payments Corporation of India (NPCI) is bringing a new security feature for crores of people making payments through UPI. This feature will be implemented by June 30, 2025.
What is the new feature?
Now when you make payment to someone through UPI, the real name of the receiver will appear on your screen before making the payment. This name will be based on the records of Core Banking Solution (CBS) and not on the names manually set or edited in UPI apps. This will eliminate the scope of fraud during UPI payment. This will transfer money to the right person.
What happens now?
Some UPI apps give people and sellers the option to edit their name in the payment app. Some apps take the name from the QR code. Earlier the apps used to show the names that were included in the contact list. All these names may be different from the name recorded in the core banking solution.
What will change with the new rule?
- Now before making UPI payment, the verified name of the receiver will be visible on the mobile screen.
- This name will be the same as the name registered in the banking record (CBS).
- This will greatly reduce the chances of money being transferred to the wrong account.
On which transactions will this rule apply?
- P2P (Person to Person): Like sending money to a friend or family member.
- P2PM (Person to Merchant): Like making payment to a general store, medical shop or small trader.
