There is a good news for crores of people who transact through UPI . Yes, from today i.e. June 16, transactions through UPI have become even faster. The National Payments Corporation of India (NPCI) has now reduced the process time for payment to 10 seconds.
UPI (Unified Payments Interface) is an instant payment system developed by NPCI to facilitate transactions between banks through mobile phones. According to the recent circular of NPCI, transactions including money transfer and refund will now be completed in 10 to 15 seconds instead of 30 seconds. In this way, from June 16, the time taken to verify the address in UPI payment will now take only 10 seconds as compared to the earlier 15 seconds.
How many times can you check the balance in a day?
NPCI said that the amendment in the process time is aimed at improving the customer experience. According to another circular of NPCI, customers will soon be able to check their account balance a maximum of 50 times a day through their UPI app. However, according to an expert, there is no limit on checking bank account balance in a day yet and the limit of 50 has been introduced keeping in mind the systemic efficiency.
SEBI has recently made changes in the rules for UPI transactions
Let us tell you that there have been many developments regarding UPI recently. On one hand, SEBI has said that the transactions done through UPI in the securities market are being strengthened in terms of security. To strengthen the investors, the market regulator is developing a new capability called ‘SEBI Check’. This new tool will enable verifying the authenticity of UPI identity by scanning the QR code or entering the UPI ID and verifying the bank details like account number and IFSC code of the registered intermediary.
