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UPI Leads Revival in Digital Payments Along With Toll Payments, IMPS Still Falls Short

After seeing a blip in transactions in April, digital payment platforms saw recuperation in May and in June it has reached pre-covid levels, indicating a pick-up in economic activity in Unlock 1.

After seeing a blip in transactions in April, digital payment platforms saw recuperation in May and in June it has reached pre-covid levels, indicating a pick-up in economic activity in Unlock 1.

Data launched through National Payments Corporation of India (NPCI) for the entire month of June revealed all of the digital payment systems have recovered from the lows in April. In April, virtual bills nosedived, as monetary activities within the country got here to a close to standstill because of the nationwide lockdown.

In June, transaction quantity of United Payment Interface (UPI) increased 8.9 per cent to 1.34 billion from 1.23 billion in May and the transaction cost extended almost 20 consistent with cent to Rs 2.61 billion from Rs 2.18 billion. In April, UPI logged a transaction quantity of 0.99 billion and a transaction value of Rs 1.51 billion.

As some distance as Immediate Payment Service (IMPS) is concerned, transaction volumes have been up 19 in step with cent to 198.91 million in June from 166.68 million in May and transaction cost went up 22 in keeping with cent to Rs 2.06 trillion from Rs 1.69 trillion inside the equal period. In April, IMPS logged a transaction volume of 122.forty seven million and a transaction cost of Rs 1.21 trillion.

Bharat Bill Payment System (BBPS), an online bill charge system, noticed its transaction quantity grow 26.6 per cent to 17.sixty four million in June from 16.fifty four million in May and the transaction fee go up 36.3 according to cent to Rs 2,969.66 crore from Rs 2,178.72 crore in the same period. In April, the transaction extent of BBPS had plummeted to 12.77 million and transaction value had dropped to Rs 1,371.17 crore.