Speedy Transactions: UPI's Swift New Era
UPI transactions will become faster with the National Payments Corporation of India mandating a reduction in response time to 10-15 seconds. The change is expected to improve customer experience and efficiency while ensuring transaction safety by displaying only the ultimate beneficiary's name.
- Country:
- India
From Monday, transactions via the popular Unified Payments Interface (UPI) will be quicker as the National Payments Corporation of India (NPCI) mandates a reduction in response time to a swift 10 seconds for payments.
According to an NPCI circular, UPI transactions, including money transfers, status checks, and reversals, will now be completed in 10 to 15 seconds, down from the previous 30 seconds. This move, effective June 16, aims to enhance customer experience.
Furthermore, UPI apps will limit users to 50 account balance checks per day to maintain system efficiency. In May, UPI transactions increased by 33% to 1,868 crore, with the amount rising by 23% to Rs 25.14 lakh crore. By June 30, UPI apps must also ensure the display of only the ultimate beneficiary's name.
(With inputs from agencies.)
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- UPI
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- NPCI
- payments
- efficiency
- customer experience
- real-time
- bank
- app
- beneficiary
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