New Delhi: In today’s fast-paced world, the Unified Payments Interface (UPI) has become an essential part of our daily lives. From paying for a cup of coffee to handling bigger transactions like online shopping or even paying rides, UPI is our go-to solution for instant payments. These IDs are usually a mix of letters and numbers, but occasionally, you might spot some special characters thrown in.
The National Payments Corporation of India (NPCI) has announced that starting February 1, the central system will reject any transactions that include special characters. NPCI, which is backed by the Reserve Bank of India and the Indian Banks’ Association, oversees retail payment and settlement systems across the country. It operates the UPI, which enables instant payments between individuals or for purchases at merchant locations.
The January 9 circular advised all UPI system participants to generate transaction IDs using only alphanumeric characters to meet UPI’s technical standards. While the issue has mostly been addressed, some participants are still not in compliance. NPCI, to ensure full adherence to the specifications decided that UPI transaction IDs will no longer be allowed to contain special characters.
Transactions with IDs that include special characters will be rejected by the central system. All parties involved are advised to be aware of this and ensure they follow the guidelines. Notably, UPI payments have grown rapidly in recent years especially after the 2016 demonetisation.
Recent data reveals that UPI transactions reached a new high of 16.73 billion in December 2024, marking an 8 per cent increase from November’s 15.48 billion transactions. In terms of value, December saw Rs 23.25 lakh crore, up from Rs 21.55 lakh crore in November.
NPCI addressed recent media reports about a new online fraud called the ‘Jumped Deposit’ Scam, stating, “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.”