UPI Failure Rate For SBI Increase By 187% In 30 Days; Which Bank Has Highest UPI Failure Rate?
The latest data from the National Payments Corporation of India (NPCI) reveals that the Union Bank of India and State Bank of India are among the top remitter banks to face a surge in failure in transactions for UPI in December month.
A Sudden Rise In Decline
After that State Bank of India(SBI) stood at 8.96% of the decline.
Interestingly, this is the highest rate of technical decline reported for both banks in 2020.
Prior to this, SBI had recorded a 3.12% technical decline in UPI transactions in the previous month, at the same time Union Bank reported 4.8%.
Why Would This Happen?
Here technical decline is transaction declined, which is caused by technical reasons such as unavailability of systems and network issues on the bank or NPCI side, according to NPCI.
Considering the final figures, these decline numbers are worth noting since SBI had processed 641.62 million transactions via UPI in December.
If we compare with the previous month, SBI had processed 607.92 million transactions.
What About Other Banks?
Talking about the public sector bank, they have also recorded a two-fold jump in total debit reversal count.
They have recorded 11.95 million in November to 23.27 million in December with a success rate of 80%.
Here debit reversal success rate is the percentage of total cases where a customer account may be debited.
While their bank is unable to confirm instantly the status of reversal of such a debit.
Apart from processing UPI transactions through its own apps, SBI also handles a large chunk of transactions for Google Pay, the market leader in the UPI ecosystem.
UPI Transactions Trend
In case of Union Bank, they had only processed 80.60 million transactions via UPI in December.
While doing so, they have recorded a total debit reversal of 3.90 million and a debit reversal success rate of 33.69%.
In December 2020, UPI had recorded a total transaction of 2.23 billion amounting to Rs 4,16,176.21 crore or Rs 4.16 trillion.
At the same time, the peer-to-peer (P2P) transactions stood at 1,283.71 million further valuing Rs 3,48,006.06 crore.
Similarly, peer-to-merchant (P2M) transactions recorded at 950.45 million amounting to Rs 68,170.15 crore.