If you also use UPI then this is important news for you. If your payment fails or gets stuck under UPI, now is not the time to panic. Real time payment dispute resolution system is being developed for UPI. Let’s find out now.
UPI Payment Rules: If you also use UPI Payment, then there is a working news for you. Unified Payment Interface (UPI) is the most widely used digital payment mode. But sometimes UPI users get upset due to failure of payment. But now in such a situation you do not need to worry.
In fact, the National Payments Corporation of India or NPCI is developing a real-time payment dispute resolution system for UPI. After this the users will get rid of this problem.
When will the solution system work?
According to a report in Hindu Business Line, NPCI MD and CEO Dilip Asbe said that the system will be operational by September 2022. Around 80-90 per cent payment failures are expected to be resolved in real time with the in-app facility. Speaking at a virtual conference at the IMF-Singapore Regional Training Institute, Asbe said, “We are working on online dispute resolution, which is the first of its kind.” In the next three months, 80-90 percent of disputes in the UPI ecosystem will be resolved online.
No need to call bank
Dilip Asbe further added, “In the next 3 months customers will no longer need to call the bank or go anywhere, just take the help of UPI on your app and the dispute will be resolved automatically in real time and by the end of September, At least 90% of UPI failures will be resolved in real time.
Know what is UPI?
Now let’s talk about what is UPI? UPI is a real-time payment system that allows instant money transfer from one bank account to another. The most important thing is that you can transfer money 24*7 at any time through UPI.