Get ready for faster UPI payments! from Monday, the National Payments Corporation of India (NPCI) is making all UPI transactions, including money transfers and status checks, much quicker, aiming for completion in just 10 seconds. UPI, remember, is India's popular real-time mobile payment system
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Transactions through the popular UPI are set to become faster from Monday, with the National Payments Corporation of India (NPCI) mandating a reduction in response time to as swift as 10 seconds for payments.
UPI, or Unified Payments Interface, is a real-time payment system developed by NPCI to facilitate inter-bank transactions through mobile phones.
According to a recent NPCI circular, transactions including money transfers, status checks, and reversals will now be completed in 10 to 15 seconds, as against 30 seconds previously.
Effective 16th June, the time taken in a UPI payment to validate an address will now take only 10 seconds compared to 15 seconds earlier.
The revisions in response time are aimed at improving customer experience, NPCI said.
As per another NPCI circular, customers will soon be able to check their account balance 50 times a day through their UPI apps.
As of now, there is no limit to check account balance in a day, and the threshold of 50 has been introduced keeping in mind system efficiency and to ease load, according to an expert.
The number of transactions through UPI increased by 33 per cent in May to 1,868 crore, while the amount involved rose by 23 per cent to Rs 25.14 lakh crore.
To instil confidence in customers that they are sending money to the correct beneficiary and to avoid potential risk, NPCI has mandated that UPI apps display only the ultimate beneficiary's name for transactions.
Moreover, it has also been mandated that UPI apps should disable any feature allowing users to modify their 'beneficiary name' for transaction purposes in the app interface.
All stakeholders in the UPI ecosystem should follow these norms by 30th June.
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