UPI New Rules: A new feature is being brought for crores of users who make UPI payments. The feature being brought by NPCI will be implemented by June 30. After this, your payment will become even safer. After the arrival of this feature, you will know to whom the money is being sent.
According to media reports, before making the payment, the name of the person to whom you are making the payment will appear on the mobile screen. This name will appear as recorded in the records of CBS (Core Banking Solution). This will eliminate the possibility of fraud during UPI payment. This will transfer money to the right person.
Which name is visible now
Some UPI apps give people and sellers the option to edit their names in the payment app. Some apps take the name from the QR code. Earlier, the apps were also used to show the names that were included in the contact list. All these names may be different from the names recorded in the core banking solution.
What will change in the new rule?
NPCI's new rule will apply to both person-to-person and P2PM transactions. P2P transactions are those that happen between two people. On the other hand, P2PM transactions are those that happen with small businessmen. To give you an example, if you make a payment to a general store, or a small shop owner, then it is called P2PM. On the other hand, if you transfer money to a friend, then it is called a P2P transaction.
The way of displaying the name will change.
According to media reports, the way of making payment will not change with the new rule, but the way of displaying the name will change. The name that will appear in the app before payment will be the verified name, that is, the name registered in the banking records. If this happens, the risk of money being transferred to the wrong account will be reduced and it will be very easy for you to make payments.
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