New Delhi | The country's biggest fintech firm PhonePe reported a technical glitch in its system that led to the failure of transactions on its platform.

PhonePe co-founder Rahul Chari said that the company at PhonePe has initiated active DR drills, with heightened cybersecurity measures on its network firewall.

"This evening, 100 per cent of our traffic across all our services was being served through a new data centre. Unfortunately, the Monday evening peak traffic exposed a network capacity shortfall due to which transactions started failing.

"We have now rebalanced our traffic across our other sites and are seeing the recovery. Our apologies for this. We assure to take these learnings and further strengthen our systems," he said.

According to the digital services outage tracker platform Downdetector, the report started coming in at around 6 pm IST and peaked around quarter part seven.

Several users across the country experienced transaction failures in UPI transactions but they confused it as a glitch in UPI system.

UPI system had earlier faced three outages between March 26 to April 12.