wordpress blog stats
Connect with us

Hi, what are you looking for?

UPI transactions declined by 6% in March, still crosses 1 billion mark

The volume of Unified Payment Interface (UPI) payments declined 5.8% in March 2020 over the previous month, but surpassed the 1 billion mark anyway, according to data published by the National Payments Corporation of India (NPCI). This is noteworthy, given the impact of the COVID-19 pandemic on the economy and challenges from the Yes Bank moratorium. The total amount transacted reduced 7% to Rs 2,06,462 crore. NPCI is a private body owned by public sector and private banks in India, it owns and operates important payments systems such as UPI and IMPS.


However, both total number of transactions and the amount transacted in March 2020 increased by 1.5 times over March 2019.

Some observations

1.  Although the number of transactions and amount transacted has been increasing since September 2019, a decline in transactions and amount transacted was seen in March 2020. As a result, transactions per day decreased for the first time 40 million per day from 45 million in the previous month.

2. The number of transactions declined by 76.4 million in March, and the total amount transacted also went down by Rs 15,533 crores. In the previous month (February 2020), the number of transactions had increased by 18.3 million and the amount transacted had grown by Rs 5,753 crores.

3. The average amount per transaction slightly declined to Rs 1,656 for March 2020, though it has remained largely flat since November 2019, and has remained above Rs 1,500 since a year now (since March 2019).

4. A total of 148 banks were operational on in March 2020.

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ