Since the lifting of the lockdown, there has been an increase in digital transactions due to the economic system getting back on track. In the month of June, about Rs 5,47,373 crore have been transacted through UPI.
Digital payments have increased significantly during the Corona period. In such a situation, United Payment Interface (UPI), India’s most popular digital payment mode, has set a new record. Through this, transactions of about Rs 5,47,373 crore have taken place in the month of June, which is its highest level so far. This information was given by the National Payments Corporation of India (NPCI).
According to NPCI data, there has been a jump of 10-11% in both value and volume terms in the transactions done through UPI. Earlier in May, UPI saw 2.53 billion transactions for the month of May, down from 2.73 billion in March, 2021. In value terms, UPI transactions for the month of May stood at Rs 4.93 lakh.
Increase in payment due to lifting of lockdown
The boom in UPI payments was seen after the lockdown was lifted. It has increased rapidly due to the possibility of resumption of business activities during June. Apart from UPI, other digital payment methods including Bharat Bill Payment System (BBPS), National Electronic Toll Collection (NETC), Aadhaar-enabled Payment System (AEPS), and Immediate Payment Service (IMPS) also saw an increase in the month of June.
Positive signs from the rise in GDP
ICRA Sector Head, Vice President Anil Gupta said, “There was a slowdown in business activities during FY 2021 due to the challenges posed by COVId. Due to this, there was a decline in the total digital payments for several quarters. However, due to the revival of economic activity this year and a resurgence in GDP, digital payments are likely to increase in this financial year.
There was a fall in April-May
According to RBI data, digital payments saw a decline of 13.4 per cent in value terms in the year 2020-21 due to a reduction in transactions in the Real Time Gross Settlement (RTGS) system. Also in terms of UPI in the month of April-May There was a decline of 2.5%.
