UPI Payments via Google Pay, PhonePe and More May Not Function Properly For Few Days, Here's Why

Customers using UPI (or Unified Payments Interface) for online transactions may face errors between 1 AM to 3 AM IST for the next few days as the National Payment Corporation of India (NPCI) is upgrading its digital payment platform. The development essentially means that users who are transacting through the UPI gateway via BHIM or third-party apps such as Google Pay, Paytm and PhonePe may face inconvenience between the allotted time period. The NPCI has not specified the exact days for the upgradation process, saying that it would take place for the “next few days.” The UPI platform is being upgraded to provide a “better, safer experience.”

The organisation shared the development via a tweet earlier today where it notes, “To create a better architecture for the growth of UPI transactions, the UPI platform will be under an upgradation process for next few days from 1 AM – 3 AM.” The NPCI website highlights that the organisation has deployed several methods to “safeguard its assets and network against all kinds of prevalent cyber-attacks.” It has also incorporated data security policy which is in line with most of the accepted standards around data privacy and security, globally. The security policy has been put to effect since September 2018.

Currently, there are 165 banks listed on the BHIM UPI platform, according to information available on its website. Several third-party digital payment apps have also introduced UPI-based payments to promote the government’s Digital India initiative. As per the latest NPCI data, PhonePe has surpassed Google Pay to become the leading UPI app in India for the December 2020 period. Walmart-backed PhonePe clocked 902.03 million user-initiated transactions which amounted to a value to Rs 182,126.88 crore. On the other hand, Google Pay slipped into the second position, with 854.49 million customer-initiated transaction volume valued at Rs 176,199.33 crore.

Meanwhile, the new NPCI guideline which mandates that Third-Party App Providers (TPAPs) cannot exceed more than 30 percent of the total volume of UPI transactions, is also live in India. The guideline directly impacts players including PhonePe, Google Pay, Paytm and Mobikwik, though existing third-party UPI platforms will have to comply in a phased manner. Whereas, new entrants will have to comply with the cap from now itself.

Read all the Latest News, Breaking News and Coronavirus News here