Independent Research and Policy Advocacy

Developing a Mechanism for ‘Market Monitoring of Customer-facing Issues with Unified Payments Interface (UPI)’

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The simplicity of making payments using UPI, combined with its widespread acceptance among merchants at all retail levels, has made it a popular choice for customers across different income levels, even for small-ticket transactions. Given the popularity of UPI, even a 0.1% transaction failure rate is likely to impact approximately 8 million transactions in a month. In reality, as of February 2023, the top ten UPI remitter banks had a technical decline (TD)3 rate in the range of 0.04%and4.57%(National Payments Corporation of India, 2022). In the past year (March 2022 – February 2023), the average monthly technical decline rate has been in the range of 1.89% and 3.66%. The magnitude of this impact on Indian customers warrants the development of a method that can assist providers and regulators in the identification of issues faced by UPI users in a near-real-time frequency.

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