Crime Today News
A widespread UPI outage disrupted financial services across India on Wednesday, with users reporting issues as PhonePe became non-functional.
The outage triggered a surge in complaints on Downdetector, a platform that monitors service disruptions based on user reports.
UPI (Unified Payments Interface) is a payment system developed by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI). It enables users to send and receive money instantly using their phone numbers or unique UPI IDs. Unlike other payment methods like NEFT and IMPS, UPI also allows users and merchants to request payments by simply sending a message through their banking app.
One of the key reasons behind UPI’s success is that it is entirely free of charge. Users can transfer any amount of money at any time without incurring additional fees from NPCI. It is also widely used for small payments at local shops, as there is no minimum transaction limit. Additionally, UPI offers a convenient AutoPay feature, which allows users to set up recurring payments for bills and subscriptions, making transactions seamless and hassle-free.
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