In today's era, most people use UPI apps for digital transactions. But sometimes, the payment goes to the wrong account, which becomes difficult to recover. Now to avoid such a situation, the National Payments Corporation of India (NPCI) has taken a major step. Under the new rule, now before making a UPI payment, the user will see the real name of the receiver in the bank records.
Name registered in person's bank account will be visible
According to NPCI, now all UPI apps will have to ensure that the name appearing on the transaction screen is received directly from the bank. This means that now the name coming from the QR code, or the name entered by the user himself will not be visible. Only the name that is registered in the person's bank account will be visible. NPCI said this will make it easier for the user to confirm that they are sending money to the right person.
Till now, many times users used to make payments only on the basis of the contact or QR code saved in the phone, due to which money went to the wrong person. But after the implementation of the new rule, the app will show the same name which is in the bank records. This will not leave any scope for any confusion.
New system will be implemented from June 30
This new rule will be implemented across the country from June 30, 2025. Whether you send money to an acquaintance or a shopkeeper, this rule will be mandatory on every transaction.
Rule will apply to all major UPI apps
The biggest advantage of this change will be that the possibility of accidentally sending money to the wrong account will be eliminated. Even if you choose the wrong person, you can stop in time by looking at the real name before making the payment. This rule will apply to all major UPI apps like Google Pay, PhonePe, Paytm and BHIM.