Union Bank of India, Syndicate Bank post highest UPI failure rates; Paytm sees lowest decline rate – sources
Public sector lender Union Bank of India continued to witness the highest failure price for UPI transactions amongst India’s prime 30 UPI remitter banks due to technical factors in January.
From 10.75 percent technical decline (TD) in December, the failure price jumped to 12.89 percent in January for Union Bank of India, information from the National Payments Corporation of India (NPCI) showed.
In January, eighty percent of UBI's transactions were approved out of 85.95 million transactions, out of which almost 80 percent had been authorized while 7.36 percent were declined. Due to factors which include invalid pin entered by the customer, incorrect beneficiary account, exceeding per transaction limit or permitted count of transactions per day or quantity limit for the day, and so...