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SUMMARY
The new rules direct banks and payment service providers to reduce response time for UPI APIs initiated by NPCI to as low as 10 seconds for certain transactions
With this, UPI payments will become faster and the users will have an improved customer experience
UPI clocked a record 18.68 Bn transactions worth INR 25.14 Lakh Cr in May compared to 17.89 Bn transactions totalling INR 23.95 Lakh Cr in April
The National Payments Corporation of India’s (NPCI) new mandates to reduce the response time for processing UPI…
