UPI platforms to be upgraded
Representational image

'UPI Platform To Be Updated, Users May Face Inconvenience'

January 22, 2021

The National Payments Corporation of India (NPCI) has said that the Unified Payments Interface or UPI platform will be updated for the next few days.

"The process is aimed towards creating a better architecture for the growth of UPI transactions," the NPCI said in a statement.

"To achieve the same, the UPI platform will be under an upgradation process for the next few days from 1 am to 3 am. Users may face inconvenience, so we urge you all to plan your payments," the statement added.

The NPCI is an umbrella organisation that operates retail payments and settlement systems in India.

ALSO READ | Am I A Failure: The Question I Often Ask

Among the wide range of NPCI products include RuPay, IMPS, Bharat Bill Payment System and BHIM.

The NPCI-developed UPI platforms have witnessed an exponential annual growth rate of 414 per cent in the ongoing fiscal year 2020.

It has also become the most preferred payment product in terms of volume in India.

UPI transactions, which are often person-to-merchant (P2M) payments, make up for around 40 per cent of the transactions, hindustantimes.com reported citing a report by news agency PTI.

The PTI report was based on the findings of a study carried out by PricewaterhouseCoopers (PwC) last week.

The PTI news report also outlined that this UPI transaction volume could grow by seven times by 2025.

ALSO READ | Coronavirus Leading Towards Global Bankruptcy

Share article on:

Developed By Lumenoid Studios
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram