A naukri.com initiative
Inc42
4w
76
Image Credit: Inc42
UPI Gets Faster As NPCI’s New Mandates Kick In
- NPCI's new mandates to speed up UPI payments began on June 16.
- Banks and PSPs must respond to UPI APIs within 10-15 seconds.
- Response time reduced for various UPI transactions like 'request pay' and 'transaction status' APIs.
- The changes aim to enhance customer experience and streamline UPI payments.
- Banks and PSPs must make necessary system adjustments to meet new response time requirements.
- NPCI emphasizes that technical decline thresholds should not be negatively affected by the changes.
- Recent guidelines include limiting balance inquiries to 50 times a day to improve UPI system efficiency.
- Report about potential MDR on digital payments above INR 3,000 was denied by finance ministry.
- UPI transactions grew to a record 18.68 billion in May, with transaction value also rising.
- NPCI's efforts aim to enhance UPI speed and efficiency amidst rising transaction volumes.
- The news indicates a positive trend in UPI adoption and transaction values.
- NPCI is focused on improving UPI service quality and system performance.
- The circular provides guidelines for banks and PSPs to adhere to the new response time limits.
- Changes are aimed at maximizing efficiency and user experience in UPI transactions.
- Efforts to streamline UPI operations come amid a surge in UPI transaction volumes and values.
Read Full Article
4 Likes
For uninterrupted reading, download the app