India’s Unified Payments Interface, known as UPI, is about to receive a significant upgrade. Starting June 16, the technology behind UPI transactions will be enhanced, leading to faster transaction speeds and quicker payment reversals.
The National Payments Corporation of India (NPCI) has introduced a range of improvements aimed at increasing UPI’s speed by as much as 66 percent and enhancing overall system efficiency. This upgrade not only accelerates transaction speeds but also focuses on system reliability, resulting in fewer payment processing errors. These enhancements will benefit all UPI service providers, including Google Pay, PhonePe, Paytm UPI, Bhim, WhatsApp UPI, and others.
This important upgrade comes at a time when UPI usage is skyrocketing, with millions of transactions occurring daily. The primary goal of these updates is to minimize delays and strengthen reliability for all parties involved, from individual users to large payment platforms and banks.
In a previous announcement, the NPCI outlined plans to reduce the response time for various UPI-related Application Programming Interfaces (APIs) by half. These APIs are essential to the UPI framework, managing key functions like payment execution and status checks.
The Request Pay/Response Pay time has been reduced from 30 seconds to 15 seconds, while the Transaction Reversal time is now just 10 seconds. Additionally, both ‘check transaction status’ and address validation processes now take 10 seconds.
The enhanced response times are expected to provide significant advantages for remitter banks, beneficiary banks, and a diverse range of Payment Service Providers (PSPs), including well-known platforms such as Google Pay, PhonePe, and Paytm.
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