The coronavirus crisis and lockdown led to UPI payments volume declining sharply by 19.8% in April 2020 over the previous month, and slumping to just below 1 billion transactions in April. This was per data published by the National Payments Corporation of India (NPCI). The total amount transacted via UPI reduced by 26.8% to Rs 151,140.7 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. Some observations 1. The number of transactions and amount transacted declined sharply in April 2020. As a result, transactions per day decreased for the second consecutive time to 33.3 million per day from 40.2 million in the previous month. 2. The number of transactions declined by 247.3 million in March, and the total amount transacted also went down…
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