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run code in 200+ php & hhvm versions
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<?php $string = "txn_status=0|txn_msg=success|txn_err_msg=NA|clnt_txn_ref=969239|tpsl_bank_cd=470|tpsl_txn_id=192630337|txn_amt=1.00|clnt_rqst_meta={itc:NIC~TXN0001~122333~rt14154~8 mar 2014~Payment~forpayment}{custname:test}|tpsl_txn_time=26-12-2015 15:56:20|tpsl_rfnd_id=NA|bal_amt=NA|rqst_token=hdfs-df-jkfhskjfhsjkd|hash=jhdsfs54367jhf"; $arr = explode("|", $string); foreach ($arr as $key => $value) { $newArr = explode("=", $value); $myRequiredArr[$newArr[0]] = $newArr[1]; } echo "<pre>"; print_r($myRequiredArr);$string = "txn_status=0|txn_msg=success|txn_err_msg=NA|clnt_txn_ref=969239|tpsl_bank_cd=470|tpsl_txn_id=192630337|txn_amt=1.00|clnt_rqst_meta={itc:NIC~TXN0001~122333~rt14154~8 mar 2014~Payment~forpayment}{custname:test}|tpsl_txn_time=26-12-2015 15:56:20|tpsl_rfnd_id=NA|bal_amt=NA|rqst_token=hdfs-df-jkfhskjfhsjkd|hash=jhdsfs54367jhf"; $arr = call_user_func_array('array_merge',array_map(function($v){ $a = explode("=",$v); return array($a[0] => $a[1]);},explode('|',$string))); print_r($arr);
based on aNaqV
Output for 5.3.21 - 5.6.38, hhvm-3.10.1 - 3.22.0, 7.0.0 - 7.3.0
<pre>Array ( [txn_status] => 0 [txn_msg] => success [txn_err_msg] => NA [clnt_txn_ref] => 969239 [tpsl_bank_cd] => 470 [tpsl_txn_id] => 192630337 [txn_amt] => 1.00 [clnt_rqst_meta] => {itc:NIC~TXN0001~122333~rt14154~8 mar 2014~Payment~forpayment}{custname:test} [tpsl_txn_time] => 26-12-2015 15:56:20 [tpsl_rfnd_id] => NA [bal_amt] => NA [rqst_token] => hdfs-df-jkfhskjfhsjkd [hash] => jhdsfs54367jhf ) Array ( [txn_status] => 0 [txn_msg] => success [txn_err_msg] => NA [clnt_txn_ref] => 969239 [tpsl_bank_cd] => 470 [tpsl_txn_id] => 192630337 [txn_amt] => 1.00 [clnt_rqst_meta] => {itc:NIC~TXN0001~122333~rt14154~8 mar 2014~Payment~forpayment}{custname:test} [tpsl_txn_time] => 26-12-2015 15:56:20 [tpsl_rfnd_id] => NA [bal_amt] => NA [rqst_token] => hdfs-df-jkfhskjfhsjkd [hash] => jhdsfs54367jhf )