Google Pay, PhonePe, Paytm: NPCI has made several major upgrades in UPI transactions by upgrading the system from today. Know what benefits users will get from these…
Many major changes have been made in India’s Unified Payments Interface (UPI). From today, i.e. 16 June, many major upgrades have been done in the technology supporting UPI transactions. With the new benefit, the transaction speed will be boosted as well as payment reversal will be faster than before.
National Payments Corporation of India (NPCI) has done many advanced upgrades with the intention of boosting the speed of UPI by 66 percent. NPCI’s goal is to enhance the overall system. Apart from boosting the transaction speed, the upgrade aims to increase system efficiency and make fewer errors in payment processing. These benefits will be applicable to all UPI service providers including Google Pay, PhonePe, Paytm UPI, Bhim, WhatsApp UPI.
This major upgrade has been released by NPCI after the surge in the use of UPI. Let us tell you that millions of transactions are being done every day on the UPI platform. The new changes especially include the goal of reducing delays in payment processing and increasing the trust of all stakeholders (from users to large payment platforms and banks).
Earlier, in a circular issued, NPCI had informed about planning to reduce the response time of various Application Programming Interfaces (APIs) related to UPI. Let us tell you that APIs are like the backbone for UPI ecosystem, important functions like payment execution, status check etc. Request Pay / Response Pay time has been reduced from 30 seconds to 15 seconds. And the transaction reversal time is now 10 seconds. ‘Check transaction status’ and address validation also take 10 seconds.
The improved response time is expected to benefit a wide range of payment service providers (PSPs), including remitter banks, beneficiary banks and popular platforms like Google Pay, PhonePe and Paytm.
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