To enhance digital payment security, the National Payments Corporation of India (NPCI) has rolled out a new rule for UPI transactions. From now on, only the recipient’s official name as registered with their bank (the “ultimate beneficiary name”) will be displayed during and after a transaction.
This change aims to prevent errors in fund transfers due to confusion caused by similar contact names or saved entries. With billions of rupees transacted through UPI every month, this update ensures that users can clearly verify recipient details, reducing the risk of accidental transfers.
UPI apps like PhonePe, Paytm, and Google Pay are expected to implement this change soon.
