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Owing to the rise of digital payments during the pandemic, Unified Payments Interface (UPI) had processed a record 3.24 billion transactions in July, an increase of 15.7% as compared to June, which processed 2.8 billion transactions. The flagship payments platform of the National Payments Corporation of India (NPCI) processed transactions worth Rs 6.06 lakh crore in terms of value for July, which was 10.76% higher as compared to June.
Launched in 2016, UPI had processed more than 2 billion transactions for the first time in October 2020. In just 10 months that number climbed to 3 billion indicating the popularity of UPI as the preferred platform for retail digital payments among consumers.
During the second wave of the pandemic, digital payments platforms saw a blip in transactions processed in April and May, but recovered soon once the economy opened up.
Rise in digital payments
In June, UPI recorded 2.8 billion transactions worth Rs 5.47 lakh crore in June, which was 10.6% higher in terms of volume and 11.56% higher in terms of value over May. The increase was timed with declining Covid-19 cases and states easing restrictions kept on business activities. In May, the NPCI product processed 2.53 billion transactions which was down by 4.16% and 7.32%, from April and March, respectively. In terms of value, UPI recorded transactions worth Rs 4.9 lakh crore, which had fallen by 0.66% and 3% from April and March, respectively.
Immediate Payment Service (IMPS) which is also operated by NPCI, saw a 15% rise in volume of transactions to 349.76 million in July over June. In terms of value, the transactions processed by IMPS in July was to the tune of 3.09 lakh crore, which was 8.8% higher as compared to June.
Reserve Bank of India’s recently released Digital Payments Index (DPI) showed the index for March 2021 which stood at 270.59 as against 207.94 in March 2020, signifying the rapid adoption of payments in the country since the onset of the pandemic. The base year for DPI is March 2018 and 100 is set as the base score.
Experts have also pointed out that the Covid-19 pandemic has accelerated the digital payment adoption in the country by 5-10 years.