The National Payments Corporation of India (“NPCI”) has notified mandatory measures to be implemented by Banks, PSPs, TPAPs for UPI. These have to be complied with on or before 31st December, 2023.
To safeguard customer interests, it is important for Banks PSPs, TPAPs to build enhanced controls and hygiene limits internally at their end as well for UPI transactions. Additionally, the following directions have been issued :
- 1. Separate Mobile App IDs for different Operating Systems (“OS”): UPI Apps should have different App IDs for their applications which are on different operating systems to have a clear demarcation on OS specific actions that may be required from time to time.
- Member to support RegValAdd API for Account Number + IFSC transactions: UPI transaction initiated using UPI ID, UPI Number, Account Number + IFSC should mandatorily prompt customers to verify the beneficiary’s name before initiating the transaction.
[This is in line with RBI Payment Vision 2025 wherein it is emphasized the need for payment system beneficiary name before initiating the transaction and reduce complaints about credit to unintended beneficiary, due to inadvertent wrong account number entry.
Additionally, members have to also ensure adherence to all UPI Guidelines issued by NPCI including various technical specifications, compliance requirements etc.
Please refer to the hyperlink provided below for a detailed read of the notification issued by NPCI.
