Transactions through UPI to become faster from Monday

New Delhi: Transactions through the popular UPI are set to become faster from Monday with National Payments Corporation of India (NPCI) mandating reduction in response time to as swift as 10 seconds for payments.

According to a recent NPCI circular, transactions including money transfer, status checks, and reversals will now be completed in 10 to 15 seconds, as against 30 seconds.

Effective June 16, the time taken in a UPI payment to validate address will now take only 10 seconds compared to 15 seconds earlier. The revisions in response time are aimed at improving customer experience, NPCI said.

As per another NPCI circular, customers will soon be able to check their account balance 50 times a day through their UPI apps.

As of now, there is no limit to check account balance in a day, according to an expert.

The number of transactions through UPI increased 33 per cent in May to 1,868 crore while the amount involved rose 23 per cent to Rs 25.14 lakh crore.