UPI transactions set to become faster from June 16

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.

UPI or Unified Payments Interface is a real-time



payment system developed by NPCI to facilitate inter-bank transactions through mobile phones.

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.