UPI Transactions Now Faster: Complete Payments in Just 10-15 Seconds

Enhanced Speed for UPI Users

A significant improvement has been rolled out for Unified Payments Interface (UPI) users, enabling remarkably quick transactions. The National Payments Corporation of India (NPCI), which oversees UPI operations, has released new guidelines effective from Monday, designed to reduce transaction times to a mere 10 to 15 seconds. This update is expected to benefit banks and service providers such as PhonePe and Google Pay.

Key Changes Implemented

Previously, processes like sending money and verifying transactions could take over 30 seconds. With the new guidelines, these actions will now require only 15 seconds. Additionally, transaction reversals, which used to take 30 seconds, will now be completed in just 10 seconds, while address verification will also be expedited from 15 seconds to 10 seconds. This enhancement will be available on major UPI platforms including PhonePe, Google Pay, and Paytm.

Faster Resolution for Failed Transactions

Users often face issues with failed transactions, but this will now be addressed more swiftly. Instead of waiting up to 30 seconds to determine if a payment was successful or reversed, users will receive updates within 10 seconds.

Additional Changes on the Horizon

The NPCI has indicated that more significant updates will be introduced to the UPI system in the near future. Enhancements related to balance inquiries, auto-payments, and other features are anticipated after July. One notable change will allow users to check their account balance through the UPI app up to 50 times daily.

Automatic Failure Marking for Transactions

In cases where a UPI transaction fails to reach the system due to connectivity issues, it will now be automatically marked as unsuccessful. This adjustment will provide users with quicker clarity regarding failed payments. Furthermore, banks and applications can now verify the status of pending transactions as soon as 45 to 60 seconds after initiation, a reduction from the previous 90-second wait. To prevent system overload, the NPCI has imposed a limit, allowing each bank or payment app to check transaction status only three times within a two-hour period. Auto-payment retries will only be permitted during off-peak hours, typically from 10 AM to 1 PM and 5 PM to 9:30 PM.

Introducing the 'List Account' Feature

A new feature, the 'List Account' option, will soon be available in UPI applications. This will enable users to view all bank accounts linked to their mobile number directly within the UPI app, with a maximum usage of 25 times per day.

Mandatory Display of Beneficiary Names

To enhance transparency and minimize errors, the NPCI has mandated that UPI applications must display the actual beneficiary's name during transactions. Users will no longer have the ability to modify the 'beneficiary name' field within the app. This measure aims to prevent fraud and increase trust in digital payments, with all UPI apps and banks required to comply by June 30.