UPI has become the biggest weapon of digital payments in India. Every day crores of people make payments through it. Now from June 16 i.e. today, a big change is going to happen in UPI.
This will make your transaction experience even better. If you use Google Pay, PhonePe or any UPI platform, then now your experience will be better than before. Know here what changes have been made in the UPI system and how it will work now.
What’s the change?
From now on, UPI payments will become even faster, more reliable and smarter. NPCI (National Payments Corporation of India) has launched a major upgrade in the UPI system. This will increase the speed of transactions by 66 percent. Payment failures or refunds will be much faster than before. The entire process will become more streamlined and secure.
How fast will the service be?
According to NPCI, the time taken to send a payment and receive a response has been reduced from 30 seconds to 15 seconds. If the transaction fails, the refund will now be done in just 10 seconds. Tasks like status check and address verification will now be done in just 10 seconds.
Why was this upgrade necessary?
Crores of transactions are done on UPI every day. With so much traffic, the system gets overloaded and sometimes payments get stuck or arrive late. Now NPCI has made such improvements at the technical level that these problems will be eliminated to a large extent.
Which apps will benefit?
These improvements will apply to all UPI service providers. This includes Google Pay, PhonePe, Paytm UPI, BHIM, WhatsApp UPI and all banking UPI apps.
This means that any app user will now be able to enjoy a faster and more reliable payment experience than ever before. Users will no longer have to deal with transaction failures and long waits for refunds. The system will also be more stable and easier for banks and payment service providers.
