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Business

Manglam Mishra

17 JUN 2025 | 12:44:08

UPI users, take heart! From June 16th, your transactions will become faster and smoother courtesy of critical system improvements introduced by the National Payments Corporation of India (NPCI). This initiative is set to bring about delayed and failed transactions that have long plagued users during peak usage times like salary credits, festive season spends, and online shopping.

NPCI has instructed banks to update their backend infrastructure within minutes. These enhancements are likely to substantially reduce the time it takes to complete payments, so your money reaches the beneficiary quicker—be it during peak usage hours.

As per The Economic Times report, Founder and CEO of Spice Money Dilip Modi has welcomed this move. The upgrade is a big step towards creating a more trustworthy and inclusive digital payments infrastructure in India, as per him. Faster and more dependable UPI services are particularly critical for rural and semi-urban India, where lakhs of business correspondents, or Adhikaris, are the first point of contact for financial transactions.

Spice Money, running a network of more than 15 lakh such Adhikaris, is optimistic that this shift will fill the gap between conventional banking systems and fintech services where places lack access to formal banking.

These upgrades are in place when UPI is experiencing record growth. In May 2025, UPI registered an all-time high of 18.68 billion transactions worth ₹25.14 lakh crore, a 4% volume increase and a 5% value increase over April. Year-over-year, this represents a staggering 33% increase in transactions by volume and a 23% increase in value.

The last record was in March 2025, when there were 18.3 billion transactions of ₹24.77 lakh crore value.

With these back-end modifications, UPI is not only increasing in volume, it is also becoming faster, smoother, and even more reliable, cementing India as a world leader in digital payments.

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