UPI Payment RulesA major change has come into effect from today for crores of mobile users doing online transactions in the country. From June 1, National Payments Corporation of India (NPCI) has implemented a new rule to strengthen the security in the UPI payment system. Now, while scanning the QR code installed at any shop or institution, the real name of the bank account holder to whose account the money is being transferred will be visible on the mobile screen of the customers.

UPI Payment Rules: The method of online payment has changed, the real name of the account holder will be visible as soon as the QR code is scanned.

Will get rid of fake name and incomplete identity

In the system till now when a customer scanned a merchant or general QR code, only the trade name or any random name set by that person was displayed on the app. In many cases, only names like ‘shopkeeper’, ‘cashier’ or ‘UPI partner’ were visible. Due to this, the sender of the money could not get accurate information whether the amount was going to the right person or not. After this rule comes into effect from today, only the legal name recorded in the bank records will flash on the screen.

Online fraud and wrong transactions will be curbed

The main reason behind taking this step is the continuously increasing cases of digital fraud. Cyber ​​criminals often replaced the QR codes of genuine shops with their own fake QR codes or cheat people by creating fake accounts with similar names. Now the customer will have a direct opportunity to verify the name just before submitting the payment. If any discrepancy is found in the name, the user can immediately stop that transaction.

Banking experts and security officials

What effect will this have on the general public?

Common consumers do not need to do anything at their level for this change. This is a system-level update that is automatically implemented from the backend on all major UPI apps like Google Pay, PhonePe, Paytm, and BHIM. From today onwards, whenever you make payment at any local market, petrol pump or grocery shop, you will clearly see the full name of the account holder before the page to enter the PIN. Consumers are advised to read this name carefully before pressing the send button.