In the revolution of Digital India, UPI (Unified Payments Interface) has made our lives very easy. Every day, the National Payments Corporation of India (NPCI) keeps making new changes to make UPI payments even better. From today, UPI users will see another big and important change.
The main purpose of this new change is to make transactions through UPI apps like PhonePe, Google Pay, and Paytm even faster and more convenient. Now you will not have to wait long to know the status of your payment, as the process has become even faster.
Now you will get information in just 10 seconds
According to the latest circular issued by NPCI, the time limit has been reduced in some services related to UPI payments. This will prove to be a game changer, because now:
Transaction status and reversal
The response time related to the status of the transaction and the return (reversal) of any payment has been reduced from 30 seconds to only 10 seconds. Earlier, users had to wait for 30 seconds to know if their payment was completed or not. Now this time limit has been reduced three times to just 10 seconds.
Address Verification
Along with this, the time limit for ‘Validate Address’ (Pay and Collect) has also been reduced from 15 seconds to 10 seconds. This will affect transactions where the address is verified before sending or receiving payment.
Purpose of this change
NPCI’s circular clearly states that the main purpose of this change is to improve the user experience. When the transaction takes less time, users will also save time and they will have to wait less during the payment process. This will make digital payments more efficient, reliable, and convenient. This will be especially beneficial in situations where it is important to complete transactions quickly, such as in crowded stores or during online shopping.
How much amount can you pay with UPI
Through UPI apps like PhonePe, Google Pay, and Paytm, you can transact up to ₹2 lakh in lump sum or installments. Making payments has become incredibly easy since the advent of UPI apps. You no longer need to carry cash for payments, which has brought enormous convenience to daily transactions. Today, UPI payment service is available at every small and big shop, giving a boost to the digital economy.
Increasing fraud in digital payments
However, as digital payments have become easier, the risk of fraud by cybercriminals has also increased. To avoid cybercriminals, it is important that you exercise extreme caution while making payments through any UPI app.
Never click on any unknown or suspicious link.
Do not share your OTP (Time Password), PIN, or any sensitive information with anyone, no matter what they claim.
Always keep your UPI apps and mobile operating system updated so that you get the latest security patches.
Do not share your UPI PIN with anyone and change it regularly.
Do not accept any ‘payment request’ from an unknown person unless you are sure that it is a legitimate transaction.