Unified Payment Interface (UPI) saw an increase of 8.3% in the total transaction volumes between May and June 2020, according to data published by the National Payments Corporation of India (NPCI). For the same period, the amount transacted went up by 20%. 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 June 2020 was around 1.8 times higher than in the same month last year. The total amount transacted during the month stood at Rs 2,61,835 crore, up 1.79 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 both increased significantly this month. Therefore, a hike in the average amount per day can be seen for June. 2. The number of transactions increased by 102.4 million in June, whereas the total amount transacted went up by Rs 43,443.4 crores. In the previous month (May 2020), volume had increased by 234.9 million and the amount transacted grew by Rs 67,250.9 crores. 3. The average amount per transaction increased to Rs 1,958 for June 2020. The average had been trending up since November 2019 but saw a dip in April, and a minor dip in March. 4. The number of banks on UPI remained stagnant in June 2020.
- Why did the Delhi High Court restrict use of Amitabh Bachchan’s image and voice? November 25, 2022
- Why did an Indian exchange, CoinDCX, publish its Proof of Reserves days after releasing its R2L ratio? November 25, 2022
- DPDP Bill, 2022 Has Received Good Response From Stakeholders: MeitY’s Ashwini Vaishnaw November 25, 2022
- Twitter Blocks Tweet of CJ Werleman’s YouTube Show Discussing Police Violence Against Indian Muslims November 25, 2022
- Unique Identification Authority of India (UIDAI) says verify Aadhaar as ID proof using QR November 25, 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...