The National Payments Corporation of India (NPCI) is in the process of upgrading its IT system and several of its payments platforms by the end of March this year, in anticipation of a surge in transaction volumes going forward, the Economic Times reported. In the last few months, leading banks like HDFC Bank and State Bank of India faced system outages towards the end of last year, payments companies sitting on top of NPCI's infrastructure also faced outages due to the high volume of digital payment transactions. In the wake of the COVID-19 pandemic, digital payments adoption has increased significantly with several of NPCI's platforms clocking historical highs every month. But this growth has been unsustainable as the underlying banking infrastructure has been overwhelmed by the surge in transaction volumes in the last few months. According to MediaNama's calculations, based on NPCI data, the transaction failure rate on the Unified Payments Interface (UPI) stood at 3.4% as of December 2020 compared to 0.99% in January 2020. The report, citing unnamed sources, said that so far the NPCI has upgraded its IT systems for the UPI and the National Automated Clearing House (NACH), and will complete the upgrades for the Immediate Payment Service (IMPS) and the Aadhar Enabled Payment System (AEPS) by the end of FY21. The NPCI's IT upgrade encompasses three aspects: ensuring the system can handle increased volumes, greater resilience against bank system outages and improved IT architecture at the NPCI so that credit pile-ups are processed quicker, it…
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