UPI transactions hit all-time high in June

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Unified Payments Interface (UPI) payments in June reached 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore, as per National Payments Corp of India (NPCI) data.

The number of transactions recorded were at 999 million, worth Rs 1.51 lakh crore, in April, the first full month after the announcement of the lockdown that halted almost all services, except essentials.

Online payments slowly gathered pace from May, with staggered opening of the economy.

In May, the number of UPI transactions stood at 1.23 billion valued at Rs 2.13 lakh crore, the NPCI data showed.

Previously in April, the National Payments Corporation of India (NPCI) recorded a total transaction value of Rs 151,141 crore, while in March, the total value stood at Rs 206,462 crore. 

While the surge in UPI transactions in May can be attributed to the increased usage of the payments platform amid coronavirus as people were willing to go cashless, the closure of ecommerce sites for non-essential items, restaurants, and others caused the dip in the transactional value in April. 

As of May, the total transaction volumes on the consumer side or P2P transactions were the highest on Google Pay platform, followed by PhonePe and Paytm. On the merchant side, the highest was on PhonePe.

NPCI was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India. It has created 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.

NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants.

Source: Yourstory

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