A new feature is being introduced for millions of users making UPI. This feature being introduced by NPCI will be implemented by June 30. After this your payment will be even more secure. With this feature you will know who is sending the money.
According to media reports, the name of what you are paying will come on the mobile screen before paying. The name will appear recorded in the CBS (core banking solution) records. This will eliminate the scope of fraud during UPI payment. This will transfer money to the right person.
Some UPI apps give people and sellers the option to edit their names in the payment app. Some apps take their names from the QR code. The first apps also showed the names included in the contact list. All these names can be different from the names recorded in core banking solution.
The new NPCI rule will be applicable to both Person-to-Person and P2 PM. The P2P transaction is one that occurs between two people. At the same time, P2 PM transactions refers to transactions between small businessmen. Let me give you an example, if you have paid a general store, small shop, then it is called P2 PM. If you transfer money to a friend, it is called P2P transactions.
According to media reports, the new rules will not change the method of payment, but the name of the name will change. The name that will be seen in the app before the payment will be the verified name i.e. the name recorded in the banking record. This will reduce the risk of transferring money to the wrong account and will make it easier for you to pay.