From Feb 1, these UPI transactions to be declined by the system. Check details here | Mint
Source: Live Mint
Do you often use UPI for making your sundry payments – whether it is about paying your Uber driver, for online shopping, or to pay for the roadside chai? If that is the case, then you must have noted that your UPI app generates a transaction ID as you transfer the money. These IDs are supposed to be alphanumeric only but sometimes, they can have special characters too.
From Feb 1 onwards, all such transactions which carry special characters will be declined by the central system, said NPCI (National Payments Corporation of India) in a circular.
Alphanumeric IDs only
The circular dated Jan 9 mentioned that UPI ecosystem players were advised to use only alphanumeric characters for generating UPI transactions ID. This was done to ensure compliance with UPI technical specifications.
The National Payments Interface of India pointed out that the issue has largely been resolved but a few of the participants continue to be non-compliant. In view of the critically of compliance to the specifications, it has been decided not to allow any special characters inUPI transaction ID.
Any transaction with ID containing special characters will be declined by the central system.
All participating entities are advised to take note of this and ensure compliance.
Notably, payments through UPI have risen quite fast in the past few years, particularly since demonetisation in 2016.
The latest data shows that UPI transactions hit a record 16.73 billion in December 2024. This is eight percent higher than November’s data, which recorded 15.48 billion transactions.
In terms of value, December figure stood at ₹23.25 lakh crore, which was significantly higher than ₹21.55 lakh crore in November.
Jumped deposit fraud
In another news, it was reported that fraudsters are targeting UPI users by making small deposits into their accounts and then using different tactics to deceive them into authorising larger payment requests.
This was referred to as jumped deposit scam, however, NPCI denied it.
“In light of recent media reports concerning a new online fraud called ‘Jumped Deposit’ Scam, we have observed certain inaccuracies and technical discrepancies in these descriptions, that has led to unnecessary panic and confusion among users about the UPI platform,” NPCI said in a statement.
“Simply opening a UPI or bank application does not automatically approve a transaction. Users must explicitly authorise a payment request by entering their UPI PIN. Without this step, no transaction can be processed,” NPCI clarified.
