New rules related to UPI will come into effect next month. Transactions from IDs with special characters will be blocked. NPCI has issued a circular.
UPI New circular: Unified Payments Interface i.e. UPI has become a medium of transaction in many countries including India. Transactions are increasing through UPI not only in cities but also in villages. The government has done many things in the digital payment platform for the benefit of consumers. Once 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. From next month, financial transactions with UPI IDs made up of special characters will be blocked by NPCI.
Now only such UPI IDs will be used for transactions
As per the rules, now only consumers with IDs made using alphanumeric characters will be able to 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 such as @, #, % and $ etc. will not be accepted. IDs can also be blocked for not complying with the rules.
Why did NPCI take this step?
Special versions will not be accepted in UPI ID. This decision has been taken to increase UPI transactions. Strict instructions have been given to all banks in this regard. Even before this, NPCI has issued instructions to use alphanumeric characters for UPI ID. Despite this, some banks and apps are not complying with the rules. Therefore, now the National Payments Interface of India has taken strict action.