The country is constantly moving towards Digital India and the role of UPI (Unified Payments Interface) has been very important in it. Every day millions of people make their small and big payments through UPI. Its speed and simplicity have made it very popular.
But it is often seen that due to a small mistake, the money goes to the wrong account, which becomes difficult to get back. The National Payments Corporation of India (NPCI) has taken an important and revolutionary step to solve this serious problem. This new rule will make the UPI transaction even more safe and reliable.
Learn how it will work
The NPCI has issued a new rule, according to which now when a person sends money through UPI, the same name of the recipient will appear on the transaction screen, which is recorded in the bank’s record (core banking system -CBS).
Till now many people used to send money in their mobiles after seeing the name or number of sev, due to which there was a possibility of cheating or mistake. The new rule will remove this confusion and ensure that the money reaches the right person.
This rule will be especially applicable to P2P (individual to individual) and P2PM (merchant from person) transactions. Its purpose is to provide more security and transparency to UPI users. When the user sends money to someone, he will see the name of the real account holder before the transaction, so that he can decide who to send the money. This will improve the user experience and reduce the mistakes.
When will the new NPCI rule apply?
This rule will be implemented across the country on 30 June 2025. All UPI platforms like Google Pay, Phonepe, Paytm and Bhima will have to include this change in their system. Nevertheless, if a transaction accidentally gets into the wrong account, the user should immediately contact the person concerned.
If the money is not returned, then complain to the bank and call the NPCI helpline 1800-120-1740 or go to their website and file a complaint. This change will not only protect the transaction but will also increase the trust of the general public on digital payments. This will prove to be a milestone in empowering India digitally.
