UPI outage? UPI downtime? UPI not working? Next time you ask someone why is UPI not working and looking for someone to blame, here is something that you can think about before getting all frustrated and angry. UPI payments have become one of the most popular methods of payments across India and any glitches on it can be quite upsetting, to say the least. After all, UPI payments is all about money and if there is any uncertainty or failed transaction, it adds to the users’ worries as there is always the fear of a big loss. And that is why, users want to make sure that it functions without a glitch each and every time.
So, why does UPI downtime happen and who is to blame, if anyone? The issue of such importance that even the central bank has stepped in and it has sought to provide relief as well as the reason for United Payments Interface (UPI) issues. These UPI issues had noticeably cropped up on June 4.
The Reserve Bank of India Governor Shaktikanta Das has spoken on it and and UPI users should know what his explanation is all about. The governor says that the UPI platform is quite stable, but there is a likely weakness in the systems used by banks. He said that the problem stems from the IT infra that some banks are using and that the National Payments Corporation of India (NPCI), which runs the UPI platform, is quite robust and is not to be blamed for the problems. The governor was speaking during a press conference.
Since the UPI problems are due to banks, the governor said that the same are being addressed to ensure smooth functioning, but at the same time, these lenders have to ensure they grow the same way that the demand for UPI payments is increasing.
UPI success
In May, UPI processed 14.04 billion transactions worth Rs 20.45 trillion, which was a 6% increase over the 13.30 billion logged in April in terms of volume and 4 per cent in value terms against Rs 19.64 trillion in April. NPCI data indicated that the May figures were 49 per cent up in volume and 39 per cent up in value compared to May 2023.
UPI outage? UPI downtime? UPI not working? Next time you ask someone why is UPI not working and looking for someone to blame, here is something that you can think about. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
