NPCI is an umbrella organisation which operates retail payments and settlement systems in India will be updated for the next few days and that the process is aimed towards creating a "better architecture for the growth of UPI transactions". NPCI has not specified the time it would take to update the system. The objective is aimed towards creating a "better architecture for the growth of UPI transactions". The UPI platform will be under an upgradation process for next few days from 1AM - 3AM. Users may face inconvenience, so we urge you all to plan your payments,” it said.
The NPCI website highlights that the organisation has deployed several methods to "safeguard its assets and network against all kinds of prevalent cyber-attacks." It has also incorporated data security policy which is in line with most of the accepted standards around data privacy and security, globally. The security policy has been put to effect since September 2018.
Currently, there are 165 banks listed on the BHIM UPI platform, according to information available on its website. Several third-party digital payment apps have also introduced UPI-based payments to promote the government's Digital India initiative.
The new NPCI guideline which mandates that Third-Party App Providers (TPAPs) cannot exceed more than 30 percent of the total volume of UPI transactions, is also live in India.
The guideline directly impacts players including PhonePe, Google Pay, Paytm and Mobikwik, though existing third-party UPI platforms will have to comply in a phased manner. Whereas, new entrants will have to comply with the cap from now itself.
