For the third consecutive week, there were problems with the Unified Payments Interface (UPI), with many users reporting unsuccessful payments on sites like PhonePe, Google Pay, and Paytm.
Even though it is widely used, customers are frustrated by these frequent disruptions. According to a statement released by the National Payments Corporation of India (NPCI) on April 1, the volume of UPI transactions reached a new high of 18.3 billion in March, a 13.5% year-over-year rise, while the value reached a record Rs 24.77 trillion. The volume was 16.11 billion in February.
By Saturday at midday, UPI complaints had risen to almost 2,000, with payment and fund transfer failures being the most often reported faults, according to Down Detector, a platform that tracks online services.
The interruption on Saturday is the third outage in as many weeks, which has caused consumers’ inconvenience and a major impact on transactions. On March 26th, there was a significant disruption that prevented customers from using UPI features for up to three hours. The NPCI blamed a surge associated with the fiscal year-end for another disruption that was recorded on April 1.
UPI through different apps
“Partial UPI transaction declines are currently occurring due to sporadic technical issues,” the NPCI stated in a statement that was posted earlier on Saturday on the X platform.
The Corporation did not give a particular explanation for the frequent interruptions when asked about the recurrent nature of these outages.
The present interruption is the most recent in a string of problems that have plagued UPI systems in recent weeks, impeding transactions for both individuals and businesses.
SBI, Kotak Mahindra, and HDFC services are mainly disturbed by this outage.
This occurrence occurs at the same time as the NPCI’s April 8th announcement of modifications of international UPI transactions. To improve the accuracy of payer identification, These modifications include limitations on the use of QR codes for cross-border payments. Nevertheless, transaction restrictions for domestic UPI payments are unaffected by these changes.
The NPCI reports to the RBI, which raised the daily payment cap for business transactions from Rs 2 lakh to Rs 5 lakh per account on April 9. The daily cap for personal accounts is still Rs 1 lakh, though.
According to an analyst, the frequent failures point to possible weaknesses in the system, causing worries about planned maintenance, server overloads, or cybersecurity risks.
An analyst claims that the frequent failures raise concerns about planned maintenance, server overloads, or cybersecurity threats because they may indicate systemic flaws. The uncertainty surrounding the cause of these outages further casts doubt on the digital payment system’s resilience.
The Unified Payment Interface (UPI) has completely changed how India does business in the fast-paced digital world of today. Having a mobile device and an internet connection, customers may immediately move money between bank accounts, thanks to UPI, which was created by the National Payments Corporation of India (NPCI). Sending money with UPI to a buddy or paying for goods is easy and cashless.
Benefits of UPI Instant Transactions: Real-time money transactions are possible around the clock, including on holidays.
Easy to Use: Instead of memorising intricate bank information, utilise a Virtual Payment Address (VPA).
Several Bank Accounts: For convenience, combine several accounts into a single app.
It is cost-effective because the majority of transactions are free.
Extremely Secure: UPI is safe and reliable since it employs two-factor authentication for each transaction.
Be Cautious When Using UPI
Keep Your PIN Private: Keep it secret, just like your ATM PIN.
Avoid Unknown Requests: Refrain from approving requests from unidentified sources or strangers.
Use Reliable Apps: Only use apps that have been validated, such as BHIM, Paytm, PhonePe, or Google Pay.
Watch Out for Scams: Con artists may attempt to deceive you by sending phone calls or links.
Track Your Transactions: Keep an eye out for any unauthorized payments on your bank statement