Kolkata: On April 11, 2016, Raghuram G Rajan, former governor of the Reserve Bank of India flagged off UPI (Unified Payment Interface), which has not only revolutionsed the way Indians pay but has replaced a significant part of the cash transactions that many Indians used to do. The popularity of UPI can be gauged from a simple statistic — in nine years UPI has risen to a position where it recorded a total transaction of Rs 24.77 trillion through 19.78 billion transactions in the month of March alone.
The significant point is, UPI transactions is set to become more successful from June, thanks to a modification of the UPI system. According to a circular of NCPI (National Payments Corporation of India), it will come into effect from June 16, 2025. NCPI has announced that there will be a reduction in response time.
30 secs to 10 secs
In its circular, NCPI has written that the “revisions are intended to improve the customer experience. The members are required to ensure that they make the necessary changes in their system so that responses are handled within the revised time.” The four response times are being squeezed by as much as 66%. The response times that are being shortened are the following:
- Request pay, response pay (debit & credit): Existing response time 30 secs; new response time 15 secs
- Check transaction status: Existing response time 30 secs; new response time 10 secs
- Transaction reversal (debit & credit): Existing response time 30 secs; new response time 10 secs
- Validate address (Pay, collect): Existing response time 15 secs; new response time 10 secs
This big change in response time is supposed to make the experience of sending/receiving money through UPI faster and more efficient for all categories of users. Banks and service providers are supposed to act on the NCPI circular.
The NCPI step has come against the backdrop of troubles in April when numerous UPI users reported issues related to a technical problem. Confronted with this challenge, NPCI announced on social media: “NPCI is currently facing intermittent technical issues, leading to partial UPI transaction declines. We are working to resolve the issue, and will keep you updated. We regret the inconvenience caused.”
If there is one digital revolution that has taken the entire India by storm, it is Unified Payment Interface (UPI). Launched in April 2016, it recorded 19.78 billion transactions of aggregate value of Rs 24.77 trillion in March 2025. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
