Unified Payment Interface (UPI) saw an increase of 23.5% in the total transaction volumes between April and May 2020, according to data published by the National Payments Corporation of India (NPCI). For the same period, the amount transacted went up by 44.5%. NPCI is a private company owned by Indian banks, it owns and operates important payments systems such as UPI and IMPS. The total number of transactions in May 2020 was around 1.68 times higher than in the same month last year. The total amount transacted during the month stood at Rs 2,18,392 crore, up 1.43 times year-on-year. The steep increases follow a major slump in both metrics in April, which was likely due to a nationwide lockdown that was imposed to prevent the spread of Covid-19. Some observations 1. The number of transactions and amount transacted we both up compared to April, but not yet back to pre-lockdown levels. 2. The number of transactions increased by 234.9 million in May, whereas the total amount transacted went up by Rs 67,251 crores. In the previous month (April 2020), volume had decreased by 247.3 million and the amount transacted had declined by Rs 55,321.7 crores, likely due to a pause in most economic activity due to the Covid-lockdown. 3. The average amount per transaction increased to Rs 1,769 for May 2020. The average had been trending up since November 2019 but saw dips in March and April. 4. The number of banks on UPI increased to 155 in May 2020.
- Here’s what streaming companies revealed in their compliance reports for Oct 2022 December 2, 2022
- FRT-based Digi Yatra project begins in three Indian airports on opt-in basis December 2, 2022
- Spotify CEO calls Apple “Shameless” For Engaging In Anti-Competitive Practices December 2, 2022
- Madhya Pradesh HC Grants State Government 3 Months to Draft and Clear Online Gambling Law: Report December 2, 2022
- Meta’s Nick Clegg Flags Encryption Concerns, Praises India’s Stance On Cross-Border Data Flow December 2, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
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...
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...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
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...