The temporary outage in the Unified Payments Interface (UPI) server which caused payment disruptions and social media commotion making lot of waves, has now been restored.
Many users took to Twitter to complain about the fact they were not able to make transactions through major UPI apps like PhonePe, Google Pay and Paytm. Users were notified of failed payments after long processing times.
Second Time in 2022 That the Server Went Down
It is the second time in this year that the server went down, previously on January 9 it went down. However, a formal tweet or statement from NPCI regarding the same is awaited.
Notably, UPI by National Payments Corporation of India (NPCI) is a real-time payments system which makes upto 60% of the nations retail transactions.
With majority of the transactions being low value transactions, the payments system handles huge volumes of transactions. Interestingly, transactions below Rs 100 make up 75 % of UPI volumes.
In the month of March alone, UPI saw 540 crore transactions amounting to Rs 9.60 lakh crore.
NPCI Working on Developing Offline Payments
In the meantime, to reduce the load on the bank as well as in house servers, the National Payments Corporation of India is working on enabling payments in the offline mode.
Asking more and more people to opt for the cashless dayout, On Monday, PM Modi hailed the UPI during his Mann Ki Baat radio broadcast. He said that more than ?20,000 crore online transactions are made. He added that “Now even in small villages and town, people are using UPI. It is benefitting both shopkeepers and customers. Online payments are developing a digital economy, everyday Rs.20,000 crore online transactions are taking place”.
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