UPI- At present, there are many people who use UPI. Now even if there is no cash in the pocket, it is not a problem, only if there is a phone and UPI. In a word, there has been a new revolution in the payment system. But this is not the end, it will be easier to use this UPI from the new month i.e. June. All transactions will be completed in just a few seconds.
The National Payments Corporation of India (NPCI) issued two circulars last week on the use of application programming interfaces (APIs) in the Unified Payment System (UPI). These circulars came after the network outage earlier this month. One of these circulars relates to the reduction in response time of four UPI APIs. The second circular contains guidelines related to preventing misuse of all APIs related to the real-time payment system. NPCI has directed banks to implement the change in the response time of UPI APIs from June 16 this year. The purpose of these guidelines shared with banks and its partners is to reduce the flaws in the UPI network.
“There is no capacity issue from the banks’ side. When a disruption is faced, there is no limit on how many times the banks send queries to check the status of transactions. In case of a disruption, the banks send more calls to the system and this slows down the process. So the banks and NPCI are working together,” said a senior official on condition of anonymity.
The API is designed to seamlessly implement protocols and tools for secure data transactions across banking systems and the UPI network. For example, the current response time for the ‘Cheque Transaction System’ of the UPI API is fixed at 30 seconds and the revised time is 10 seconds. A similar change has been made for transaction reversal (debit and credit). Among other API concerns, the ‘request and response payment’ time has been reduced from 30 seconds to 15 seconds while the ‘address verification’ time has been reduced from 15 seconds to 10 seconds.