Today, UPI (Unified Payments Interface) payments are prevalent across the country; now people have almost stopped keeping cash in their pockets. While shopping in the market, people prefer to pay directly from their mobile. Given this increasing popularity and utility, the National Payments Corporation of India (NPCI), the government body that operates UPI payments, has made a big change.
After this new change, it will now take only 10 seconds to make a UPI payment! Not only this, NPCI has also set a limit for those users who check their balance frequently. If you cross this limit and check the balance more often in a day, then you may face some difficulties. Let’s know what is this whole matter and how this change will affect your digital transaction habits.
UPI payment will now be completed in just 10 seconds
Transactions through UPI will now be even faster. The National Payments Corporation of India (NPCI) has reduced the response time of payments to just 10 seconds. UPI or Unified Payments Interface is an instant payment system developed by NPCI, designed to facilitate transactions between banks through mobile phones.
According to a recent circular by NPCI, now all transactions like transferring money, checking payment status, and withdrawing money will be completed in 10 to 15 seconds instead of 30 seconds. The time taken to verify the address in UPI payments will also now take only 10 seconds as against the earlier 15 seconds. NPCI has clarified that this amendment in response time is aimed at improving customer experience. This will make digital payments more efficient, reliable, and convenient, especially during busy times.
How many times can you check your balance in a day
According to another circular from NPCI, customers will soon be able to check their account balance only 50 times a day through their UPI app. According to an expert, currently, there is no limit on checking account balances in a day. This limit of 50 has been introduced keeping in mind the system efficiency.
Excessive and unnecessary balance inquiries put an unnecessary load on the server, which may affect the speed of actual transactions. This limit will help keep the system smooth and fast. If you exceed this limit, you may be temporarily denied the facility to check your balance or get some other type of warning.