Transactions through the popular UPI are set to become faster from Monday, with the National Payments Corporation of India (NPCI) mandating a reduction in response time to as swift as 10 seconds for payments.

UPI, or Unified Payments Interface, is a real-time payment system developed by NPCI to facilitate inter-bank transactions through mobile phones.

According to a recent NPCI circular, transactions including money transfers, status checks, and reversals will now be completed in 10 to 15 seconds, as against 30 seconds previously.