WELCOME TO FRENDZ4M
Fri, Jan 31, 2025, 08:09:51 PM

Current System Time:

Get updatesShare this pageSearch
Telegram | Facebook | Twitter | Instagram Share on Facebook | Tweet Us | WhatsApp | Telegram
 

Forum Main>>General Talk>>News>>

UPI transactions will not work as of February 1 if ...

Page: 1   
Mr.Love ™User is offline now
PM [1]
Rank : Helper
Status : Super Owner

#1

The National Payments Corporation of India (NPCI), a public sector company that operates retail payments and settlement systems in India, has declared new guidelines for Unified Payments Interface (UPI) transactions, which will come into effect from February 1, 2025. According to this new regulation, if a UPI ID contains special characters like #, @, $, or *, it will be blacklisted. This means that every user needs to update his UPI ID to follow the rules with such specially made characters.


According to a circular issued by the National Payments Corporation of India (NPCI) on January 9, UPI ecosystem players were advised to use only alphanumeric characters for generating UPI transaction IDs. This is to ensure compliance with UPI technical specifications.


"Considering the criticality of compliance with the specifications, it has been decided not to allow any special characters in the UPI transaction ID. Any transaction with an ID containing special characters shall be declined by the central system. This shall be effective 1 February 2025."


"All participating entities are advised to take note of the above and ensure compliance. The information herein may please be disseminated to all the concerned for necessary action."


What Are the Special Characters?




Special characters are any characters that are not part of the standard 26-letter alphabet or numbers 0-9. They include punctuation marks, accent marks, and other symbols. 


UPI's Share In India's Digital Payments




The share of the Unified Payments Interface (UPI) in India's digital payments has surged from 34 per cent in 2019 to an impressive 83 percent in 2024, with a remarkable CAGR (cumulative average growth rate) of 74 per cent over the last five years, according to the RBI's payment system report.


In contrast, the share of other payment systems like RTGS, NEFT, IMPS, credit cards, debit cards, etc. in digital payments volume declined from 66 per cent to 17 per cent during the same period, the report states.


UPI has been the most significant contributor to the growth of digital payments in India due to its usefulness and ease of use, the report points out.


At a macro level, the volume of UPI transactions increased from 375 crore in 2018 to 17,221 crore in 2024, whereas the total value of transactions surged from ₹5.86 lakh crore in 2018 to ₹246.83 lakh crore in 2024.

Reply
You are not logged in, please

Login

Page: 1   

Jump To Page:

Keywords:transactions, february, national, payments, corporation, public, sector, company, operates, retail, settlement, systems, declared, guidelines, unified,
Related threads:

Opinion: Union Budget: Do not disappoint Capex


"I have to free Delhi de Lies and Loot": PM Modi addresses AAP in Poll Rally


Elon Musk went to school at Rolls-Royce, says Father Errol


5 things you should know about Apple in India of the call of the CEO Tim Cook.


All about the Black Hawk Chopper and how it was involved in the Washington accident


Delivery deadline for the Champions Trophy stadium today, work to be done by ...


Look: Sunita Williams, Butch Wilmore established a new 5.5 -hour space walk record


A Jaishankar Answer "Drive the Study Plan" to Trump's question


S Jaishankar calls Trump "American nationalist", highlights the ties of the United India-United States


Indian astronaut for pilot of the private spacecraft axiom-4, do yoga in space


TERMS & CONDITIONS | DMCA POLICY | PRIVACY POLICY
Home | Top | Official Blog | Tools | Contact | Sitemap | Feed
Page generated in 0.22 microseconds
FRENDZ4M © 2025