The National Payments Corporation of India (NPCI), the body that manages UPI operations, has introduced new guidelines that reduce the time it takes for a UPI transaction to be processed. The new guideline will come into effect from today, June 16.
The faster transactions will be aided by a massive upgrade in the technology supporting UPI transactions. The upgrade will also improve system reliability ensuring fewer payment processing errors.
Until now, UPI transactions usually took up to 30 seconds to complete, however, with the new guidelines, that time has been cut to 15 seconds.
The benefits will be applicable to all UPI service providers like Google Pay, PhonePe, Paytm UPI, Bhim, WhatsApp UPI and others.
