UPI payments ,NPCI (National Payments Corporation of India) has made changes in the rules of UPI payment so that UPI transactions can be accelerated, for this the API response time has been reduced to 15 seconds, this rule will come into effect from June 16.
For making UPI payments, NPCI has announced changes in the rules and reduced the API response time to 15 seconds. Till now this transaction was completed in 30 seconds but now after the implementation of this new rule, the transaction can be done in just 15 seconds. These new rules will be implemented from June 16, which will directly benefit the users, now UPI users will be able to send or receive payments to anyone very quickly and this will also save their time.
What is API ?
API is very important in UPI payment because the shorter the API response time, the faster will be the transaction, the full form of API is Application Programming Interface which connects two different software or banking systems with each other, its work is when a UPI user makes payment using PhonePe or Google Pay any app, the API processes the request and sends the response, after which the money gets deducted from the bank, it earlier used to take 30 seconds to complete but now this time limit has been reduced to 15 seconds, this will benefit the UPI users and they will be able to do fast banking.
You will be able to make payment in just 15 seconds
As per this new rule for making UPI payments, UPI users will now be able to make payment in just 15 seconds as NPCI has reduced the response time to 15 seconds which was earlier 30 seconds due to which UPI transactions will become faster. NPCI has asked the payment service providers to update the system to comply with this new rule so that this rule can be implemented from June 16.
What is the purpose of NPCI changing the rules?
NPCI’s purpose of changing the rules of UPI payment is to improve people’s experience. For the past several months, there were interruptions in UPI transactions. Users were facing problems like transaction failure. This matter was investigated by NPCI and the reason for these interruptions was said to be high load on the check transaction API. Due to this, NPCI has decided to reduce the API response time to 15 seconds so that payments can be made faster. This rule will improve user experience and UPI users will be able to send and receive fast payments.
