UPI Transaction Recommendations | Threatening development

UPI Transaction Recommendations
The UPI payment system has been a huge success. UPI is a huge help in the Digital India process. Along with these let us see what are the UPI transaction recommendations.

UPI Transaction
Initially reluctant to use UPI, it has now become a daily use of many people.

November 2020 saw 2.21 billion transaction count and 3.91 trillion amount transferred on UPI app.

Although the reason is attributed to festive season sales, it is also noteworthy that the number of users is increasing paradoxically.

Technical failure
Banks do not earn much from UPI transactions. Therefore, the internal structure for this has not been improved.

Servers are getting bogged down because they can't handle the crowd.

Due to which many transactions have been lost especially in SBI Bank as it has been happening a lot.
Controversy.ICC HDFC and SBI Banks as a user of UPI transactions Hatpick and ICICI Banks are providing excellent service.

That means the number of failed transactions is very less.

Currently (Dec 2020) it is not possible to rely on SBI for urgent remittances especially large sums.

NPCI (National Payments Corporation of India)
All the details about UPI have been made clear by NPCI on its site.

There are various information including how many banks are connected, who are there, failed transaction percentage.

There are two important points to note.

Business Decline – One may give wrong UPI Pin, may cancel in half, may select wrong Beneficiary, Per Day Transaction Limit may be exceeded.
Technical Decline – This is entirely due to technical failure of the Bank / NPCI / UPI App.

These are called failed transaction factors. Technical Decline is the only valid reason.

https://www.npci.org.in/ website has all the details.

UPI Transaction Recommendations
As the future is UPI (Unified Payments Interface), wherever they go they will give importance to UPI payments.

So, a bank cannot rely on a UPI account if it is to be hassle-free to use.

Therefore, a person should have accounts in at least two banks. Two bank accounts are necessary not only for UPI service but also for other purposes and security.

If a transaction fails in one bank, you can pay through another bank.

Therefore, it is better to separate the money in two banks instead of keeping it in one bank.

As important as two bank accounts are, two UPI apps are essential. My suggestion is Amazon Pay, Google Pay& Phone pe.