UPI New Rule: If you also make payments through UPI, then this news is important for you. The National Payments Corporation of India (NPCI) has implemented a new rule regarding UPI transactions. Under this rule, UPI IDs with special characters (@, #, $, %, & etc.) will no longer be considered valid. Payments can be made only with UPI IDs made up of alphanumeric characters (letters and numbers). The new rule will come into effect from February 1, 2025.
Why did NPCI take this decision?
UPI has now become an important means of digital payment from India to abroad. It is being used from e-rickshaws, grocery shops, metro stations to countries like Sri Lanka, Bhutan, UAE, Mauritius and France. In such a situation, this new rule is being implemented to make UPI transactions more secure and smooth.
What if the UPI ID contains special characters?
If your UPI ID contains special characters, your transaction may be blocked after February 1. NPCI has directed all payment apps to update their services according to the new rule. NPCI had earlier also asked UPI users to use alphanumeric ID. However, now it has been made mandatory and UPI ID may be blocked if the rules are not followed.
What should UPI users do?
If your UPI ID has any special character, change it as soon as possible. Contact your bank or payment app and get a new alphanumeric ID created, so that your UPI transactions continue without any interruption even after February 1.
UPI’s share in India’s digital payments is 83 percent
The share of Unified Payment Interface (UPI) in India’s digital payments system has increased to 83 percent in 2024, which was 34 percent in 2019. During this period, UPI has grown at a compound average growth rate (CAGR) of 74 percent.
The Reserve Bank of India (RBI) report said that the share of other payment systems such as RTGS, NEFT, IMPS, credit cards and debit cards has fallen from 66 percent to 17 percent during the review period. The report said that UPI is playing an important role in advancing the country’s digital payment system. The reason for this is the ease of use of UPI.
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