PhonePe's UPI services went down for over an hour on Monday evening as peak traffic exposed a network capacity shortfall during cybersecurity preparedness drills
PhonePe's UPI market share slipped to 46.73 per cent in April amid a 2.22 per cent dip in total transactions on the real-time payments network
The current challenge stems from the extremely high frequency of transaction status API calls
To be fair, NPCI has done phenomenal work over the past decade. It has revolutionised digital payments in the country with about 600 million average daily UPI transactions
The longest outage, lasting 187 minutes, was in January 2022
'Root-cause analysis' done, hardware replaced, member banks briefed on fixes