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,…
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