Israel makes it mandatory for military officers to study Islam and learn Arabic due to...
This company bags Rs 2000 crore contract from Defence Ministry for...; not HAL, Mazagon Dock
PM Modi's BIG message to Maldives, says, 'Whether it's a disaster or...'
How Shweta Tiwari stays in shape at 44: 'Whenever I try to do yoga'
Good news for first-time employees, set to get Rs…; check eligibility and other details
TECHNOLOGY
From August 1, the UPI system in apps with crores of users who use apps like Google Pay, PhonePe, Paytm will undergo a major change. National Payments Corporation of India (NPCI) is bringing new rules regarding the use of its Application Programming Interface (API).
From August 1, the UPI system in apps with crores of users who use apps like Google Pay, PhonePe, Paytm will undergo a major change. National Payments Corporation of India (NPCI) is bringing new rules regarding the use of its Application Programming Interface (API). UPI(Unified Payments interface) enables instant money transfer through mobile phones. These have reduced the use of cards and cash. However, day by day, the load on these UPI is increasing. Every month around 16 billion transactions are being processed.
Users of UPI are also increasing at a rapid pace, due to which UPI is struggling with some technical weaknesses. UPI has also faced some frequent outages in recent three to four months. On April 12, the UPI was down for 5 hours, which caused chaos and panic among users, as they faced problems in financial transactions across the nation. The main reason for UPI going down is the repeated API requests, and the increased burden.
Since the launch of UPI, the use of wallets, cash and cards have seen a decline. As per report, the dependency of UPI has increased.
What are the new rules?
To deal with these technical issues, new changes will be implemented from August 1. NPCI has asked all banks and PSPs i.e. PhonePe, Paytm, Google Pay etc. payment service providers to control the 10 most used APIs by July 31.