UPI To Block All Gaming Transactions Less Than Rs 50
National Payments Corporation of India (NPCI) has announced that it will ban all UPI transactions under Rs 50 relating to gaming from this weekend onward. This decision was made as the IPL season has begun and banks have started seeing a large number of transactions on fantasy gaming sites. The large spikes in transactions have caused server outages through the bank’s payment processing system and result in inconvenience faced by other people transacting at the same time.
Operators like My11Circle allow bets for as little as Rs 1 each. A well-known Bollywood star advertised a fantasy game to become a millionaire for a salary of just over 1 rupee. Industry sources say the NPCI has seen an unusual increase in the number of transactions people make through UPI.
This leads to the conclusion that many of the transactions on the UPI network are real. Banks stress that the network suffocates when multiple VPAs are created. This is a big problem for small transactions as little as Rs 1.
Pending transactions: Pending transactions are still pending as we have not received confirmation from the operator. It can take up to 3 working days to reach the final status. If they fail, you will be refunded the amount.
The respective amount will be refunded to the various payment sources. If you carry out a transaction with a combination of several payment instruments, a reversal is initiated and the corresponding amounts are refunded to different payment sources.
Note: All money transfers are handled exclusively by UPI. Wallets like PhonePe do not allow you to transfer your PhonePe wallet to another user’s wallet. The wallet money can only be used for charging, invoice payments, and transactions with merchants on PhonePe.
After waiting a while, your transaction will go into a floating state (yellow screen), a successful state (green screen), or a failed state (red screen). While the transaction is pending, note that it can take up to 5 minutes for the payment status to be updated.
It’s unclear whether NPCI ( National Payments Corporation of India ) wants to curb fantasy game gambling or just try to protect its UPI interface from crashing. This is why many major sources refused to comment on the issue. However, some did not deny that the NPCI was considering some kind of crackdown.
Many major gaming industry firms are appealing against the ban claiming the ban to be a major blow to their whole business model.