IBEF: July 06, 2020
According to National Payments Corporation of India (NPCI) data, payments on Unified Payments Interface (UPI) in June hit an all-time high of 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore (US$ 37.17 billion).
It grew 8.94 per cent on a month-on-month basis from 1.23 billion in May.
In April 2020, UPI payments decreased to 999.57 million in terms of volume with transactions worth Rs 1.51 lakh crore (US$ 21.42 billion), because of the coronavirus-induced lockdown that halted almost all services, except essentials.
The online payments slowly gathered pace from May, with staggered opening of the economy. The data showed that in May, the number of UPI transactions stood at 1.23 billion valued at Rs 2.18 lakh crore (US$ 30.93 billion).
According to the data available, with the first set of data dating back to April 2016 -- with nil transaction, the volume in terms of transactions was highest level in June so far.
The number of transactions through all the available means on NPCI platform, were in upwards of 1 billion since October 2019 before dipping to 999.57 million in April this year. However, it soon regained the 1 billion plus transaction volume in May.
NPCI was integrated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India. It has established a robust payment and settlement infrastructure in the country.
It facilitates payments through a bouquet of retail payment products such as RuPay Card, Immediate Payment Service (IMPS), UPI, Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay.
It has also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.