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UPI Payments Set To Become Faster For Better Customer Experience
- Transactions through the popular UPI will now be faster, with response times reduced to 10-15 seconds from 30 seconds.
- The National Payments Corporation of India (NPCI) has mandated this improvement to enhance customer experience.
- UPI, developed by NPCI, is a real-time payment system facilitating inter-bank transactions via mobile phones.
- A recent NPCI circular states that transactions like money transfers, status checks, and reversals will now complete within 10-15 seconds.
- Validating addresses in a UPI payment now only takes 10 seconds as opposed to the previous 15 seconds.
- Customers will soon be able to check their UPI account balance 50 times a day, up from unlimited checks previously.
- The increase in UPI transactions in May by 33% to 1,868 crore highlighted the system's growth.
- NPCI has mandated UPI apps to display only the ultimate beneficiary's name to confirm proper transactions and mitigate risks.
- UPI apps must also disable any feature allowing users to alter beneficiary names for transactions.
- Stakeholders in the UPI ecosystem are required to comply with these norms by June 30 for system efficiency and risk mitigation.
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