HDFC Bank Ceases SMS Alerts For Small UPI Transactions
Email alert for all transactions will continue to be delivered, the bank added, reiterating that customers should update their primary email to receive all notifications
HDFC Bank has informed customers that effective 25 June, it will stop sending SMS alerts for any UPI spend below Rs 100 or receipt of money less than Rs 500.
Email alert for all transactions will continue to be delivered, the bank added, reiterating that 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 sends an alert as well.
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.
As per the Worldline India report, the three dominant UPI apps in India are PhonePe, Google Pay and Paytm, both in terms of volume and value of transactions.
Transactions through the unified payments interface (UPI) platform crossed the 100 billion-mark in calendar year 2023 to close at around 118 billion, as per the data shared by the National Payments Corporation of India (NPCI).
