UPI Transaction Failures — No open data.
A short note on lack of opendata on transaction failures on UPI. Below are some tweets from users whose transactions failed. When a transaction fails, users wait days together to get a refund, try all means to get attention of a non-responsive customer care, if luck has it, they get some attention on social media.
If waiting for bank for credit of refund is painful, imagine getting charged instantly for performing a failed transaction. In telecom world equivalence like paying for a call that never connected in first place.
While UPI itself is free, banks are free to charge underlying IMPS at ₹ 5 + GST (₹ 5.90) per transaction. The transaction amount goes for a toss for few days and if you are lucky, your transaction gets auto-reversed in 7 days (for which duration, you lose interest; your average balance goes down).
NPCI, which operates UPI promptly puts out monthly statistics of transaction volume, value and its growth, but no data is published on transaction failures, redress duration, types of failures / reasons. In the absence of data, all we got is quotes from industry insiders, which can only give a small slice of reality.
It is imperative that NPCI puts detailed statistics on transaction failures, redress, performance of each banks on this, so that consumers are fairly informed and gain confidence.