Online Transactions / Big change in UPI system, now transaction and refund will be even faster

Online Transactions: UPI (Unified Payments Interface), which has become the face of digital payments in India, is now entering a new era. Every day, crores of people use platforms like Google Pay, PhonePe, Paytm, BHIM and WhatsApp UPI, and now from June 16, their experience is going to change completely. NPCI (National Payments Corporation of India) has implemented a major technical upgrade in the UPI system, which will not only increase the speed of transactions, but will also make this process more reliable and smart.

What will change in UPI?

The biggest change is that now UPI transactions will become extremely fast. While it used to take about 30 seconds to send a payment and reach the receiver, now this time has been reduced to just 15 seconds. At the same time, if the payment fails for any reason, the refund process has also become faster than before - now you will get the money back in just 10 seconds.

Not only this, processes like checking transaction status and verifying receiver details will also be completed in 10 seconds.

Why was this change necessary?

Every day more than 50 crore UPI transactions take place in India. Due to this heavy traffic, payments are often stuck or processed late. Users had to face problems like failed transactions, delayed refunds and incapable networks. Through this new upgrade, NPCI has made the system more scalable, stable and user-friendly, which will make it possible to solve these problems.

Which apps will be affected?

This improvement will apply to all UPI service providers.

These include:

• Google Pay
• PhonePe
• Paytm UPI
• BHIM App
• WhatsApp UPI
• All banking UPI apps

This means that no matter which app you use, you will now experience faster transactions, less failure and instant refund. This system will also be more stable and optimized for banks and payment gateway companies.