According to the latest data published by the National Payments Corporation of India (NPCI), with a technical decline rate of just 0.06%, HDFC bank has reported the lowest fail rate for Unified Payments Interface (UPI) transactions processed in May.
TD Rates Of Leading Banks
Technical decline (TD) rates of 1.08%, 0.08%, 0.11% and 0.24% were reported by leading banks such as State Bank of India, Axis, ICICI and Bank of Baroda respectively on the UPI network.
(TD) rates of 0.11% and 1.47% were reported by Paytm Payments Bank and Punjab National Bank respectively.
Two kinds of failures on UPI payments are technical decline and business decline. Technical decline is due to issues with bank or NPCI systems and business declines are due to reasons such as incorrect pin entry or transactions beyond stipulated limits.
? ty?i??l ?eer-t?-?eer U?I tr?ns??ti?n inv?lves the ex?h?nge ?f re?l time inf?rm?ti?n between the servers ?f remitter b?nk, s??ns?r b?nk ?n U?I netw?rk, the N??I’s server, ?nd the benefi?i?ry ????unt. F?r mer?h?nt tr?ns??ti?ns, the fl?w be??mes even m?re ??m?lex with ?n ?dditi?n?l settlement l?yer.
Decline in TD Rates Over The Months
According to the NPCI data, most of the banks were reporting BDs between 4% and 7% in May.
Most banks including HDFC Bank, between September and January, reported TDs above 1% on UPI owing to sudden increase in digital payment volumes.
In the subsequent months, however, all leading banks have significantly reduced their failure rates.