UPI: How UPI Lite can do the heavy lifting for NPCI in low-value transactions, and unburden banks systems

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Image courtesy of Paytm.

Synopsis

As UPI aspires to do a billion transactions per day, a lot rides on whether it can ensure lower payment failures. UPI Lite is designed to achieve that by unburdening the core software systems of the banks that are hit by every single minor transaction. However, the rollout has been slow, and it is too early to predict its impact.

Every success comes at a price. And in the case of Unified Payments Interface (UPI), it is the banks and their creaky legacy systems that have paid for the instant digital-fund transfer platform’s rousing success. Since its launch in 2016, UPI has grown exponentially — from a modest 2.65 million in the beginning to a whopping 83 billion annual transactions in FY23. Now, the National Payments Corporation of India (NPCI), which owns and operates

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UPI: How UPI Lite can do the heavy lifting for NPCI in low-value transactions, and unburden banks systems


Image courtesy of Paytm.

Synopsis

As UPI aspires to do a billion transactions per day, a lot rides on whether it can ensure lower payment failures. UPI Lite is designed to achieve that by unburdening the core software systems of the banks that are hit by every single minor transaction. However, the rollout has been slow, and it is too early to predict its impact.

Every success comes at a price. And in the case of Unified Payments Interface (UPI), it is the banks and their creaky legacy systems that have paid for the instant digital-fund transfer platform’s rousing success. Since its launch in 2016, UPI has grown exponentially — from a modest 2.65 million in the beginning to a whopping 83 billion annual transactions in FY23. Now, the National Payments Corporation of India (NPCI), which owns and operates

  • FONT SIZE
  • SAVE
  • PRINT
  • COMMENT

New Feature
Refer & Earn

Uh-oh! This is an exclusive story available for selected readers only.

Worry not. You’re just a step away.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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