Limit usage of non-financial requests to UPI: NPCI to banks
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The National Payments Corporation of India (NPCI) has asked banks to restrict the number of non-financial transaction requests they send to the central network of the Unified Payments Interface (UPI).The NPCI has told banks to audit their systems through an auditor certified by the Indian Computer Emergency Response Team ( Cert-In ) to review usage of these transaction requests. It has also directed them to conduct an annual audit of their systems from now on.In a circular issued on April 26, the Mumbai-based payment network said banks can initiate up to three 'check transaction' API requests in the first two hours of initiating a transaction.This API is used by banks to check with the NPCI network if a transaction has been processed. If a transaction gets stuck due to some reasons, then the bank checks the status of the transaction before initiating a failure message to the customer.This direction from the NPCI comes in the wake of the two outages observed on UPI in March and April, which resulted in transactions failing across the country for several hours. A diagnosis of the systems after the outages had revealed excessive use of 'check transaction' API done by banks, which clogged the network.Additionally, the NPCI has asked banks to wait for 90 seconds before they initiate such requests to the UPI servers, so that there is no clogging of the network. On a monthly basis, UPI processes around 18 billion transactions with more than 550 million transactions settled daily.In another step towards regulating the most popular digital payment system, the NPCI has asked UPI apps and banks to only show the beneficiary name to the customer while undertaking a person-to-person and to-merchant UPI payment.'Names extracted from QR codes, user-defined names of the payee or any other logic should not be displayed to the payer in the UPI app,' it said in another circular issued on April 24.There is a major push on the Indian financial services ecosystem to adopt UPI for all forms of digital payments. The finance ministry also wants the NPCI to take concrete steps around taking UPI to the global stage.On Monday, finance minister Nirmala Sitharaman met NPCI chief executive Dilip Asbe and asked the corporation along with all stakeholders to work together to be able to support a billion transactions per day in the next two-three years.
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