India, June 17 -- The National Payments Corporation of India's (NPCI) new mandates to reduce the response time for processing UPI payments kicked in on Monday (June 16).

The new rules direct remitter banks, beneficiary banks as well as payer and payee payment service providers (PSPs) to reduce response time for UPI APIs initiated by the NPCI to as low as 10 seconds for certain transactions.

Here is what the NPCI circular, dated April 28, states:

For "request pay" and "response pay" APIs, the response time for banks has been revised to 15 seconds from 30 seconds earlier

The response time for checking "transaction status" has been slashed to 10 seconds from 30 seconds previously

For remitter and beneficiary banks, the response time for...