Decline in UPI Technical Failures: A Leap Forward for Digital Payments

The National Payments Corporation of India's chief executive, Dilip Asbe, announced a significant reduction in technical decline rates on the UPI platform to 0.8%. Efforts are underway to manage low-ticket transactions via UPI Lite to alleviate server demands. The platform currently hosts 400 million unique users.

National Payments Corporation of India's head, Dilip Asbe, revealed a sharp decrease in technical failure rates for the UPI platform, bringing it down to a remarkable 0.8% from its previous high of 8-10% in 2016.

Efforts are now focused on migrating low-value transactions onto UPI Lite, a move aimed at relieving existing server pressures within the payments ecosystem.

The UPI platform has impressively grown to accommodate 400 million unique active users. Meanwhile, Asbe withheld comments regarding the impending 30% market share cap on UPI transactions due in December.

(With inputs from agencies.)