UPI transactions to get faster from today, Check More Details
According to a circular issued on April 26, the payment behemoth stated that the response time for crucial UPI APIs such as Check Transaction Status and Transaction Reversal has been cut down to 10 seconds from earlier 30 seconds.
The digital payment interface, Unified Payments Interface (UPI), will become faster and more efficient from today, June 16. The National Payments Corporation of India (NPCI) has disclosed some significant changes to UPI backend operations, and this will reduce API response times and introduce daily caps on certain functions starting July 31.
According to a circular issued on April 26, the payment behemoth stated that the response time for crucial UPI APIs such as Check Transaction Status and Transaction Reversal has been cut down to 10 seconds from earlier 30 seconds.
Meanwhile, for the Validate Address API, which is vital for ‘Pay’ and ‘Collect’ operations, the turn-around time has been reduced to 10 seconds from the earlier 15 seconds.
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This revision will enhance real-time responsiveness for different payment platforms like PhonePe, Google Pay, Paytm, and others, felicitating quicker transaction confirmation and faster resolution of failed payments.
This reduction of timing is applied to remitter and beneficiary banks along with major Payment Service Providers (PSPs) to streamline the process of high-volume transaction flows.
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Further this is also directed to banks and PSPs to carry out the necessary system upgrades along with coordinating with merchants and partner networks for implementing the changes.
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