New Delhi: Starting June 25, HDFC Bank will adjust its SMS notification system for UPI transactions. Instead of sending alerts for transactions under ₹100, the bank will now only send notifications for transactions exceeding ₹100 for outgoing payments and ₹500 for incoming payments.
Customers were informed of this change via email, assuring them that email alerts for all UPI transactions will continue. However, customers are advised to ensure their email addresses are up-to-date to receive these notifications.
The bank has not disclosed the specific reasons behind this adjustment for transactions below ₹100.
Digital payments in India are on the rise, with citizens increasingly embracing online transaction methods. The UPI payment system, particularly popular for retail digital payments, is experiencing rapid adoption. UPI allows customers to make instant payments round-the-clock using a Virtual Payment Address (VPA).
India’s government is actively promoting UPI’s benefits not only domestically but also internationally. Several countries, including Sri Lanka, Mauritius, France, UAE, and Singapore, have either partnered with India or expressed interest in collaborating on fintech and payment solutions.
UPI’s share in India’s digital payments soared to nearly 80% in 2023, reflecting its significant role in the country’s digital economy. As of 2022, India accounts for nearly 46% of the world’s digital transactions.