Mumbai: The National Payments Corporation of India (NPCI) has launched new rules for UPI beneficiary names. This initiative will greatly benefit users of popular platforms like Google Pay, PhonePe, Paytm, and BHIM across the nation.
Under the new guideline, all UPI apps need to make sure that only the name of the person who will receive the money appears on the pre-transaction details page. This name should come directly from a trusted source (banking name as fetched from Validate Address API). The app should not show any other names, like those from QR codes or names that the payer might enter for the payee. It’s important for users to see only the official name to avoid confusion.
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In addition to this, UPI apps will turn off any options that let users change the name of the person they are sending money to within the app. This feature ensures that before you hit the confirm button, you can verify that the money is going to the correct person.
The implementation of this new rule is slated for June 30, 2025. It will apply to both Peer-to-Peer (P2P) and Peer-to-Peer Merchant (P2PM) transactions.
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