Unified Payments Interface (UPI) payments in June soared to a record high of 1.34 billion in terms of volume with India starting to limp towards normalcy amid the coronavirus pandemic.
Unified Payments Interface (UPI) payments in June soared to a record high of 1.34 billion in terms of volume with India starting to limp towards normalcy amid the coronavirus pandemic. In June, the transaction value touched nearly Rs 2.62 lakh crore, according to the latest data by National Payments Corp of India (NPCI). Earlier, Financial Express Online had reported that June figures of UPI have reached all time high after a sharp fall in April as the economic activities came to a grinding halt amid nationwide lockdown from March 24 (Full Story). UPI is not the only digital payments method that has shown an upward trend. Others such as IMPS and NETC FASTag have also reported spurt as compared to May figures.
In April 2020, the number of transactions was recorded at 999 million worth Rs 1.51 lakh crore, the first full month when the lockdown was in full swing and almost all services, except essentials were halted. Gradually, online payments gathered pace from May, as the government allowed staggered opening of the economy. The number of UPI transactions stood at 1.23 billion valued at Rs 2.13 lakh crore in May, according to the latest NPCI data.
UPI payments have risen sequentially from Rs 2.18 trillion in May to Rs 2.62 trillion in June. Compared to the year-ago period, the NPCI-founded payments method grew 78% from 1.46 trillion in June 2019. The government-run UPI had recently achieved an important mark and payments via the interface marked 100% rise on-year in January this year. In January 2020, the value of UPI transactions crossed Rs 2 lakh crore mark. Digital payments were pushed to great heights in the country after Prime Minister Narendra Modi in November 2016 announced that Rs 500 and Rs 1000 notes were no longer legal tender. In the scarcity of cash, there was a mass adoption of digital payments for even day to day transactions such as conveyance, buying vegetables etc.