As per data released on August 1, the channel operated by the National Payments Corporation of India had clocked in transactions worth Rs 2.61 lakh crore in June, which rose to Rs.2.90 lakh crore in July.
Since the outbreak of the coronavirus pandemic, the government has been urging people to move to online transactions as much as possible to reduce the risk of being exposed to the pathogen.
With the mobile-based digital payments push, the Unified Payments Interface (UPI) has been clocking unprecedented transaction volumes.
According to an Economic Times report, in July 2020, UPI registered 1.49 billion transactions – the highest recorded thus far. This broke last month’s record of maximum transaction volume at 1.34 billion.
As per data released on August 1, the channel operated by the National Payments Corporation of India (NPCI) had clocked in transactions worth Rs 2.61 lakh crore in June, which rose to Rs.2.90 lakh crore in July.
The UPI transaction volume limped back after plummeting through March and April during the nationwide coronavirus lockdown phase. At that time, online deliveries of non-essentials were not allowed, which might have led to the 25 percent decrease in transaction volumes.The volume of digital payments has been increasing alongside aggressive campaigning by the NPCI, the Reserve Bank of India, and the Indian government. As such, transaction volumes have improved across retail payment channels over the past months. For instance, IMPS bank transfers also saw transaction volumes increase to 222 million, totalling Rs 2.25 lakh crore in July as against 199 million transactions recorded in June.