New restrictions on sending through UPI from Feb 1..!?

The new rules related to UPI will come into effect from february 1. The NPCI has issued a circular stating that transactions with IDs with special characters will be stopped. Unified Payment Interface i.e. UPI has become a medium for transactions in many countries including India. Transactions through UPI are increasing not only in cities but also in villages. The government has done many things on the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment platform for the benefit of customers. Again, a big change is going to happen in the rules related to UPI. The National Payments Corporation of india has decided to reject some UPI transactions. A circular has also been issued in this regard. The new rules will come into effect from february 1, 2025. Thus, from february onwards, financial transactions with UPI IDs that contain special characters will be blocked by NPCI. As per the rules, now only consumers with IDs made using alphanumeric characters can make financial transactions through UPI. This means that users can create IDs using letters between A-Z and a-z and numbers between 0-9. Transactions with IDs containing special characters like @, #, %, and $ will not be accepted. Identity cards can also be blocked for non-compliance with the rules.
Special versions in UPI ID will not be accepted. This decision has been taken to increase UPI transactions. Strict orders have been issued to all banks in this regard. Earlier, NPCI had issued instructions to use alphanumeric characters for UPI ID. However, some banks and apps did not comply with the rules. So, now India's National Payments Interface has taken strict action.
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Sowmiya Sriram

30/01/2025 12:14 PM