NPCI attributes fin year-end processing load for UPI transaction failures

Digital payment users on Tuesday faced issues in processing transactions on India’s real-time payments system Unified Payments Interface (UPI), with the National Payments Corporation of India (NPCI) attributing the reason to the closing of the financial year 2024-25 (FY25).

  “Today due to the financial year closing, some of the banks are facing intermittent transaction declines. UPI system is working fine, and we are working with the concerned banks for necessary redressal,” NPCI, which runs the UPI rails in the country, said in a statement.

  Users are facing an outage while processing UPI transactions for the second time in less than a week.

 

Last week, the UPI rails faced an outage leading to transaction failures on the digital payments network.

 

Third party UPI applications had raised the issue with the NPCI.

 

In March, the UPI network recorded more than 591 million average daily transactions. The network recorded 17.73 billion transactions in March (as of March 30), a 10.1 per cent increase from 16.1 billion transactions in February.

 

UPI transactions saw a 5 per cent month-on-month dip in volume to 16.11 billion in February, from 16.99 billion in January, owing to fewer days in the month.

 

Similarly, the value also declined 6.5 per cent to Rs 21.48 trillion in February, compared to Rs 23.48 trillion in January.