New Delhi: The National Payments Corporation of India (NPCI) has introduced new regulations for the Unified Payments Interface (UPI) transaction. As per new rules, UPI IDs will no longer be allowed to contain special characters. Any transactions that include special characters in their transaction IDs will be automatically rejected by the central system, starting February 1.
NPCI has taken this step to standardise the process of generating UPI transaction IDs, urging all payment service providers to ensure compliance. In a January 9 circular, NPCI instructed all players in the UPI sector to use only alphanumeric characters for transaction IDs in adherence to UPI technical guidelines. While most entities have adjusted to the new requirement, some still failed to comply which prompted the NPCI to enforce this regulation strictly from next month.
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According to NPCI data, the number of UPI transactions hit 16.73 billion in December 2024, marking an 8% increase from 15.48 billion in November. The total value of these transactions reached Rs 23.25 lakh crore in December, compared to Rs 21.55 lakh crore in the previous month. The daily average transaction count also grew to 539.68 million in December, up from 516.07 million in November.
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