UPI: A new era has begun in the world of digital transactions. Great news for Unified Payments Interface (UPI) users! From now on, UPI transactions will be faster and smoother. According to the new guidelines from the National Payments Corporation of India (NPCI), the time limit for UPI payments has been reduced from 30 seconds to 15 seconds. This means that your money will now reach its destination in less than half the time. This new rule has been effective since June 16th and applies to all UPI apps like Google Pay, PhonePe, and Paytm.
Why this change?
According to NPCI, the main goal of this change is to improve the customer experience. Often, due to longer transaction times, users faced various problems such as money being debited but the transaction getting stuck or the money not reaching on time. It is hoped that the new rules will solve all these problems.
What are the benefits of the new rules?
- Faster Transactions: From now on, any UPI transaction, such as sending money, checking status, or getting a refund for a failed transaction, will all be done in just 10 to 15 seconds.
- Less time for address verification: Earlier, where it took 15 seconds to verify a UPI user’s address, it can now be done in just 10 seconds. This will make the transaction process even faster.
- Limit on balance checks: Keeping the convenience of customers in mind, a limit of 50 account balance checks per day has now been set. Although there was no specific limit before, this decision has been taken to increase the efficiency of the system and reduce extra load.
- New steps to prevent fraud: NPCI has taken another important step for the safety of customers. From now on, only the last beneficiary’s name will be visible in the UPI app, and users will not be able to change the ‘beneficiary name’ as they wish. All UPI apps will have to comply with this rule by June 30th.
Some important information for customers:
- Need for system update: NPCI has instructed all banks and payment service providers to update their systems so that transactions can be completed within the new time limit.
- More changes in the future: In the coming days, some more new changes are going to be introduced in the UPI system. For example, users will now be able to view a maximum of 25 linked accounts through one app, and some new rules will also be introduced for auto-pay mandates.
This new change will not only save customers’ time but also increase their trust in digital transactions. This new speed of UPI will undoubtedly take India’s digital economy one step further.
