In a major move to boost digital payment efficiency, the National Payments Corporation of India (NPCI) has introduced new guidelines aimed at significantly speeding up Unified Payments Interface (UPI) transactions. The changes are expected to take effect as early as today, benefiting millions of users across platforms like PhonePe, Google Pay, and Paytm.
Transaction Speed Cut in Half
Under the new rules, UPI transaction response times have been reduced from 30 seconds to just 15 seconds. This means users will experience quicker processing when sending or receiving money, enhancing the real-time nature of digital payments.
Faster Transaction Status and Refunds
NPCI has also streamlined the time it takes to check transaction statuses. The new system will provide updates in just 10 seconds, compared to the earlier 30-second window. Additionally, failed transactions will now be reversed within 10 seconds, offering users faster refunds and fewer delays.
Banks and Apps Must Comply
To implement these changes, banks and payment service providers have been instructed to upgrade their systems promptly. NPCI has warned that non-compliance may attract penalties. These upgrades are crucial, especially during peak usage periods when digital payment traffic surges.
Users Advised to Update UPI Apps
To enjoy seamless transactions under the improved system, customers are urged to update their UPI applications to the latest versions. This will ensure compatibility with the enhanced infrastructure and help prevent any processing issues.
Goal: Enhanced Customer Experience
NPCI stated that the initiative is part of an ongoing effort to improve the digital payment experience for users across India. With faster response and reversal times, the upgrade is expected to make UPI more reliable and user-friendly.
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