The HDFC Bank informed its customers that it will stop sending SMS alerts for any UPI spend below Rs 100 or receipt of money less than Rs 500.
HDFC Bank Representational image (Photo:IANS)
The HDFC Bank informed its customers that it will stop sending SMS alerts for any UPI spend below Rs 100 or receipt of money less than Rs 500.
Notably the bank said that the move will come into action from June 25.
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The private lender said it will stop sending SMS alerts for any UPI spend below Rs 100 or receipt of money less than Rs 500.
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However, it said that the email alert for all transactions will continue to be delivered, and also said that the customers should update their primary email to receive all notifications.
The decision is based on feedback on low-value transactions, the bank said, as the apps through which the UPI transaction is carried out send an alert as well.
It is to be noted that the data by the National Payments Corporation of India (NPCI) has highlighted that the transactions through the UPI platform crossed the 100 billion-mark in calendar year 2023 to close at around 118 billion.
The average ticket size for UPI transactions has gradually been falling over the years, down to 8 per cent from Rs 1,648 in H2 2022 to Rs 1,515 in H2 2023. This suggests that UPI is being used for smaller or micro transactions.
The first half of the year, or H1, always includes the first and second quarter. The second half of the year, or H2, always includes the third and fourth quarter.
According to the Worldline India report, PhonePe, Google Pay, and Paytm, remained the three dominant UPI, both in terms of volume and value of transactions.
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