By Admin 
How will the UPI interface change?
Now during the P2P (Peer-TO-Peer) and P2PM (Peer-TO-Peer-Merchant) transaction, the user will see only the name of the same person or merchant who is registered in the bank’s CBS (core banking system). The names extracted from the QR code, the names of the UPI ID, or the contact list will no longer be shown.
According to NPCI, ‘Ultimate Benefitory’ is the same that is receiving money in exchange for giving direct service or product. The bank’s CBS system manages real-time transactions and account data, so the name taken from there is considered to be the most verified and tracedable.
What used to happen till now?
Currently, the receiver could customize his name in many UPI apps (TPAP, i.e. third-party apps). Many times the QR code was seen wrong names or the name of the user’s contact list was seen, which created confusion. In many cases, people used to pay payments on such names that do not match the real bank records.
What will be the difference in payment process?
The method of payment will remain the same as before, the only difference will be that now you will be able to see the registered bank name of the front before the transaction. This will reduce the possibility of accidentally sending money to the wrong account. Ek to ET Statement In Cashfree Payments Head of Risk and Compliance, Atul Gupta said, “This change is at the display level, which will increase the clericity and trust before the transaction.”
Fraud will affect
In the case of UPI Fraud, it is often seen that scammers use names that are similar to a big company or reliable source. When the users are unable to verify who the front is actually, it becomes easy to be cheated. According to the report, Rahul Jain, cfo of NTT DATA Payment Services India, says that “With this new rule, frauds will stop to a large extent that mislead people by showing wrong names. Now every user will see verified names from CBS before transaction.”