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New Delhi: The selection of day-to-day Unified Payments Interface (UPI) transactions within the nation rose to 596 million in April, up from 590 million in March, in keeping with National Payments Corporation of India (NPCI) figures launched on Thursday. Transactions value Rs 24 lakh crore have been performed in April, down from Rs 24.8 lakh crore within the earlier month. This is the 12th consecutive month to report bills above Rs 20 lakh crore.
The tempo of enlargement remained wholesome at 34.5 in line with cent, in spite of a 50.7 in line with cent annualised build up in volumes in April 2024. The price of transactions rose 21.9 in line with cent from the year-ago length.Daily transaction volumes have been additionally upper for FASTag bills, used for parking and toll assortment, at 12.75 million when put next with 12.2 million within the earlier month, reflecting the expansion within the financial job of the rustic.
FASTag transactions jumped by means of a strong 17 in line with cent in comparison to 12 in line with cent within the earlier month. The general price of those transactions rose to Rs 227 crore, up from Rs 219 crore in March. Daily volumes for IMPS, any other fee medium below the aegis of NPCI, which operates UPI, have been additionally upper at 14.98 million in comparison to 14.89 million in March.
Meanwhile, the NPCI has tightened the reaction timelines for UPI transactions to beef up consumer revel in and scale back delays. In a round dated April 26, NPCI directed banks and fee apps to put in force faster processing requirements throughout more than a few UPI products and services with impact from June 16 this 12 months.
The transfer objectives to chop delays in fee processing, transaction verification, and reversals. NPCI has urged all taking part entities to be sure that those quicker timelines don’t result in an build up in technical declines or carrier disruptions.
For request pay and reaction pay (debit and credit score), the revised reaction time will probably be 15 seconds as a substitute of 30 seconds previous, as in line with the NPCI round. For transaction reversal, the prevailing reaction time is 30 seconds, which can now be decreased to 10 seconds. In case an individual desires to validate the deal with, the revised reaction time will probably be 10 seconds as a substitute of 15 seconds.
