HDFC Bank To Stop SMS Alerts For Small UPI Transactions Starting From THIS Date: Find Out Why | Personal Finance News

This comes as the average value of UPI transactions has been decreasing which indicates more frequent and smaller payments. The cost of sending bulk SMS messages adds up quickly with banks spending a few crores of rupees daily due to the high volume of UPI transactions which average around 40 crore per day. UPI transactions have surged past the 100 billion mark and reached around 118 billion by the end of the years, as per the National Payments Corporation of India (NPCI).

Why did HDFC Bank decide to halt SMS alerts?

HDFC bank stated that the decision to stop SMS alerts for low-value UPI transactions is based on customer feedback. They also mentioned that the apps used for UPI transactions send alerts as well. (Also Read: Link PAN With Aadhaar By May 31 To Avoid THIS Reduction; Here’s How To Link PAN With Aadhaar)

What advice has HDFC Bank given to its customers?

The bank has advised its customers to ensure their primary mail addresses are up to date so that they receive all transaction notifications. This change comes as the average value of UPI transactions has been decreasing and indicating increase in small frequent payments. (Also Read: Bank Holidays In June 2024: Bank To Remain Close For Atleast 12 Days In June; Check Full Details Here)