Due to a network capacity shortage brought on by cybersecurity exercises held in the wake of the India-Pakistan conflict, fintech giant PhonePe had an outage on 12 May when it came to processing Unified Payments Interface (UPI) transactions. For more than an hour on the same day, users and industry
To combat growing online fraud, the National Payments Corporation of India (NPCI) plans to gradually phase out collect phone transactions for merchant payments on the Unified Payments Interface (UPI). By lowering the possibility of illegal fund withdrawals, this ruling attempts to minimise fraudulent transactions in which retailers ask for payments
According to Governor Shaktikanta Das, the Reserve Bank of India (RBI) anticipates that the number of daily Unified Payments Interface (UPI) transactions will surpass one billion in the coming months from the current 500 million transactions per day. Das stated during a panel discussion at the Group of Thirty'