sb.scorecardresearch

Delhi Election Result 2025 in association with

Camlin

Published 16:31 IST, January 29th 2025

These UPI Transactions To Be Declined From February 1? NPCI Shares Update

Starting February 1, 2025, UPI transactions with special characters in their IDs will be declined.

Reported by: Business Desk
Follow: Google News Icon
  • share
 Starting February 1, 2025, UPI transactions with special characters in their IDs will be declined.
Starting February 1, 2025, UPI transactions with special characters in their IDs will be declined. | Image: Pixabay

If you frequently use UPI for payments, you may have noticed that each transaction generates a unique transaction ID. These IDs are typically alphanumeric, but some have included special characters. To ensure compliance with technical standards, the National Payments Corporation of India (NPCI) has issued a directive that, starting February 1, 2025, UPI transactions with special characters in their IDs will be declined.


Compliance with UPI Standards


In a circular dated January 9, 2025, NPCI reminded UPI participants to generate only alphanumeric transaction IDs. While most players have complied, a few still use special characters. To maintain standardization and security, any transaction with special characters in the ID will be rejected by the central system.


UPI Transactions Reach Record Highs


UPI usage has skyrocketed in recent years, particularly after demonetization in 2016. In December 2024, UPI transactions hit a record 16.73 billion, an 8% increase from 15.48 billion in November. The total transaction value rose to ₹23.25 lakh crore, up from ₹21.55 lakh crore in November.


Jumped Deposit Scam Clarification


Recently, reports emerged about a new fraud scheme called the ‘Jumped Deposit Scam’, where fraudsters deposit small amounts into users' accounts and later trick them into authorizing larger payments. However, NPCI has denied any such fraud on the UPI platform, stating that users must explicitly authorize all transactions by entering their UPI PIN, ensuring security.

“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 on recent jumped deposit scam. 

 

Get the latest live news on Republic Business, along with breaking news and top headlines from Budget 2025, business, economy, markets, and around the world.

Updated 16:31 IST, January 29th 2025