Starting Monday, transactions using the popular UPI will be quicker, as the National Payments Corporation of India (NPCI) has ordered a cut in response time to just 10 seconds for payments.
UPI, which stands for Unified Payments Interface, is a real-time payment system created by NPCI to make inter-bank transactions easier via mobile phones.
As per a recent circular from NPCI, transactions like money transfers, status checks, and reversals will now be done in just 10 to 15 seconds instead of the previous 30 seconds.
Starting June 16, the time it takes to validate an address during a UPI payment will be reduced to just 10 seconds, down from 15 seconds before.
According to NPCI, these changes in response time are designed to enhance the customer experience.
According to a recent NPCI circular, customers will soon have the ability to check their account balance up to 50 times a day using their UPI apps.
Currently, there’s no daily limit for checking account balances, but the new cap of 50 has been set to enhance system efficiency and manage load, as noted by an expert.
In May, UPI transactions surged by 33 percent, reaching 1,868 crore, while the total amount involved increased by 23 percent to Rs 25.14 lakh crore.
To build trust with customers that they’re sending money to the right person and to minimize risks, NPCI has required UPI apps to show only the final beneficiary’s name for transactions.
Additionally, UPI apps must turn off any option that lets users change the ‘beneficiary name’ for transactions within the app interface.
Everyone involved in the UPI ecosystem needs to stick to the guidelines by June 30.
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