There is a risk of UPI transactions being shut down from February 1. Actually, if the payment app uses special characters in the transaction ID, then the central system will not accept the transaction from that app.
If you use UPI payment app then this news is useful for you. Actually, from February 1, no UPI app will be able to use special characters to generate transaction ID. If any app uses special characters in the transaction ID, then the central system will cancel that payment. National Payment Corporation of India (NPCI) had issued these guidelines for business users, but it will also affect common customers.
So changes are being made
NPCI wants to standardize the process of generating UPI transaction ID. Therefore, it has ordered all companies to add only alphanumeric characters in the transaction ID. These orders will come into effect from February 1. This means that if an app does not follow these orders, then payment through UPI will not be completed. The responsibility of following the orders has been put on the apps themselves.
Orders were issued earlier also
NPCI had earlier issued orders to make this process standard. In the orders issued in March last year, it was said to make the transaction ID of 35 characters. Earlier, the transaction ID had 4 to 35 characters. In view of this, it was said to generate an ID of 35 characters.
UPI’s share in digital payments reached 83 percent
UPI’s share in the country’s total digital payments has doubled to 83 percent in five years. In 2019, its share in total payments was 34 percent. This information has been received from a report of the Reserve Bank of India (RBI). In contrast, transactions through NEFT, RTGS, IMPS, credit and debit cards have decreased to 17 percent of total digital payments. Their share was 66 percent in 2019.
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