Common Reasons Why UPI Transactions Fail
No one in India can deny that Unified Payments Interface (UPI) has revolutionized digital payments, offering super convenient transactions via mobile applications. However, like any other technology, a UPI payment also sometimes fails due to various factors. These failures can be pretty frustrating for users, causing a lot of inconvenience.
I’m writing this article as I want to share my personal experience so that the readers don’t face any kind of issue while initiating such payments.
What is a UPI payment?
Unified Payments Interface (UPI) is a real-time payment system developed by the National Payments Corporation of India (NPCI), which is one of the most trending ways of payment in the current era. It facilitates interbank transactions by instantly transferring funds between two bank accounts on a mobile platform simply by using a smartphone application.
The UPI system allows users to link their multiple bank accounts to a single mobile app and enables seamless money transfers without the need to share financial details. The details here include the account number and IFSC code.
What are some common reasons that UPI transactions fail?
- Insufficient Balance
If the potential sender’s account doesn’t have enough funds to cover the transaction amount and any associated charges as well, the transaction will fail.
- Incorrect UPI PIN
While initiating the transaction process, users are always required to enter their UPI PIN for significant authentication. Therefore, if it is incorrect, the transaction will be declined.
- Network Issues
While doing any kind of payment via your smartphone, ensure that you have an active network connection. This is because poor connectivity can lead to transaction failures from the UPI payment gateway.
- Invalid or Expired Virtual Payment Address (VPA)
If, by any chance, the VPA of the recipient is incorrect, has expired, or doesn’t exist, the transaction will fail for obvious reasons.
- Daily limit for transaction
UPI transactions are subject to daily transaction limits set by the user’s financial institution. So, supposedly, if you are trying to initiate a payment and the transaction amount exceeds the limit, it will be declined for obvious reasons.
- Downtime
Schedule maintenance or unexpected downtime of the user’s bank can result in transaction failures. So, always keep in mind to process payments when the app is completely operational.
Which is the best and safest application for UPI payment?
Bajaj Finserv, without any doubt! If you are looking for a safe and sound UPI payment app, go for it. Especially after the Covid-19 outbreak, more and more people are now dependent on UPI apps. It’s been around one and a half years since I’ve started using the UPI app named Bajaj Finserv.
It is super easy, safe and convenient to use and is protected by UPI PIN, Face ID or Biometric. Moreover, the user interface is quite super friendly, and along with UPI payments, it has investment and loan schemes as well.
Conclusion
While UPI transactions offer a seamless path to transfer funds, several factors can lead to transaction failures. Being aware of these common reasons can empower users to navigate the digital space in a much more effective manner. Also, there is a facility of UPI Pay Later that enables people to make payments with approved credit money.
