NPCI MD and CEO dilip Asbe said that this system will be operational by september 2022. Around 80-90 per cent of payment failures are expected to be resolved in real time with the in-app feature.

Unified Payment Interface (UPI) has emerged as the most used wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment mode in recent years. Sometimes UPI users get upset due to payment failure. Now there is good news for such users. Actually, the National Payments Corporation of india or NPCI is working on preparing a real time payment dispute resolution system for UPI.

Resolution system will be operational by september 2022

According to a report by HinduBusinessLine, NPCI MD and CEO dilip Asbe said that the system will be operational by september 2022. Around 80-90 per cent of payment failures are expected to be resolved in real time with the in-app feature. In a virtual conference organized by the IMF-Singapore Regional Training Institute, Asbe said, “We are working on online dispute resolution, the first of its kind. In the next three months, 80-90 per cent of disputes in the UPI ecosystem will be resolved online.”

No need to call bank

He further added, “In the next 3 months customers will no longer need to call the bank or go anywhere, just get the UPI help on your app and the dispute will be resolved automatically in real time and by the end of september, at least Less than 90% UPI failure will be resolved in real time.

What is UPI

Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works

Using this feature is quite easy. For this, you will have to download any UPI app like Paytm, PhonePe, google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The special thing is that UPI allows you to transfer money even if you have only one information such as scanner, mobile number, UPI ID. In order to bring thousands of feature phone users to the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment system, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) has recently introduced a new version of UPI, UPI 123Pay.