UPI platform to be updated, users may face inconvenience: NPCI

NPCI has not specified the time it would take to update the system.

The National Payments Corporation of India (NPCI) has said its Unified Payments Interface (UPI) platform will be updated for the next few days and that the process is aimed towards creating a "better architecture for the growth of UPI transactions". NPCI has not specified the time it would take to update the system.

NPCI is an umbrella organisation which operates retail payments and settlement systems in India. (NPCI/Facebook)

“To create a better architecture for the growth of UPI transactions, the UPI platform will be under an upgradation process for next few days from 1AM - 3AM. Users may face inconvenience, so we urge you all to plan your payments,” it said.

NPCI is an umbrella organisation which operates retail payments and settlement systems in India. RuPay, IMPS, Bharat Bill Payment System and BHIM are all products of NPCI. The NPCI-developed Unified Payments Interface has seen an exponential annual growth rate of 414 per cent in the ongoing fiscal year 2020. It has also become the most preferred payment product in terms of volume in India.

UPI transactions, which are often person-to-merchant (P2M) payments, make up for around 40 per cent of the transactions, news agency PTI reported citing a study carried out by PricewaterhouseCoopers (PwC) last week. The report also outlined that this UPI transaction volume could grow by seven times by 2025.