A report for him Economic times has revealed more recent data showing better success rates for the United States Payment Interface (UPI), which was introduced by the National Payments Corporation of India (NPCI) as an instant mode of payment between bank accounts. According to the report, transaction success rates had reached 87 percent in March 2019, compared to 78 percent in April 2018.
While the NPCI does not disclose these data to the public, the Economic times They managed to get the same from the bankers.
According to the new data, the rate of “declined transactions” is down about 2 percent in 2019 and thus the number of human errors that have dropped to about 10 percent from the previous 18 percent.
While human errors such as entering the wrong PIN and insufficient balance are part of the reason behind increasing decline rates, there are also infrastructure and connectivity issues to blame.
According to Praveena Rai, NPCI’s Director of Operations, the goal was a high success rate for the client, and it was the step taken by all the improvements at the ecosystem and infrastructure level that led to a drop in the decline rates of transactions this year.
With connectivity improving every year and increasing users’ familiarity with the UPI payment system, the report indicates that the rate of successful transactions is only expected to increase in the future.
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