Crores of people making UPI payments will see some changes in their apps like Paytm, PhonePe or GooglePay from August 1. New steps are being taken to remove the obstacles in UPI payments.
UPI changes 1st August: There is news of work for crores of users who use apps like Google Pay, PhonePe, Paytm. From August 1, the National Payments Corporation of India i.e. NPCI is bringing new rules regarding the use of its Application Programming Interface (API). According to the report, this technical change will come into effect from August. You may find the topic technical, but it can directly change the way you run UPI. According to a report by Financial Express, the purpose of bringing the new rule is to reduce the burden on the UPI system. The effect of this will be that the balance you check from the UPI app will be limited. There will be a change in the auto payments you have set. Let us understand this in detail.
Load coming on the system due to increase in payments
According to the report, the number of UPI payments is increasing day by day. About 16 billion transactions are being processed every month. With such a large number of transactions, the load on the UPI system is increasing. In recent times, cases of misuse of the system by banks have come to light. Also, some technical vulnerabilities were also seen. To deal with these, some changes are being made from August 1.
The service was down for 5 hours
According to the report, there have been many incidents in the last two-three months when UPI payment was down. It is said that on April 12, people were very upset due to the payment being down for 5 hours. This was the longest outage in three years. Because of UPI, many people have stopped keeping wallets or do not keep money in the wallet. In such a situation, if UPI itself goes down, how much trouble will people face. To deal with this, the rules are being changed.
1 minute down means 4 lakh people are troubled
The report shows that the scope of UPI payment has increased so much that even a slight interruption in it troubles millions of users. It is said that every second 7 thousand transactions are being processed through UPI. If UPI is down for even a minute, that is, your PhonePe, Paytm or GooglePay does not work, then 4 lakh people are affected. 40 lakh people are affected if UPI is down for 10 minutes. At present, the number of people making UPI payments is said to be more than 40 crores. A recent investigation revealed that the main reason for UPI being down is the repeated API requests, due to which there was a load on the system. UPI was affected in March and April due to more ‘check transaction’ API requests. According to the report, banks had to follow some rules in this regard, but they did not do so.
What changes are happening from August 1
NPCI has asked all banks and PSPs i.e. PhonePe, Paytm, GooglePay etc. payment service providers to control the 10 most used APIs by July 31. That is, if users check balance frequently on UPI app, then they will not be able to do so now. According to the report, users will now be able to check balance 50 times a day on their app. The number of accounts linked to a mobile number will also not be able to be seen more than 25 times a day. Apart from this, autopay payments like any SIP or Netflix membership payment will be done only during non-peak hours. Non-peak hours mean before 10 am, from 1 pm to 5 pm and after 9:30 pm.
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