Transactions on the Unified Payments Interface (UPI) platform grew by 106% YoY to ₹3.9 lakh crore in November this year, compared to a little over ₹1.89 lakh crore in the same month last year, according to data published by the National Payments Corporation of India (NPCI) on Twitter. Transactions on UPI in November have grown by 90% from a little over ₹2 lakh crore in March this year prior to the pandemic. The COVID-19 pandemic has encouraged more consumers and small businesses to adopt digital payments platforms in the last 8 months. As a result of lock-down and social-distancing norms a greater portion of daily consumption activity is now taking place digitally. There was a significant drop in digital payments transactions during April across the NPCI's various platforms. However, ever since the economy began to open up from June onward, digital payment transactions have rebounded as more consumers and merchants adopted these services. !function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"])for(var e in a.data["datawrapper-height"]){var t=document.getElementById("datawrapper-chart-"+e)||document.querySelector("iframe[src*='"+e+"']");t&&(t.style.height=a.data["datawrapper-height"][e]+"px")}}))}(); Immediate Payment Service springs back While the UPI protocol is built on top of the Immediate Payment Service (IMPS), IMPS is primarily used for inter-bank high-value transactions. According to NPCI data, IMPS transactions have grown by 36% YoY to ₹2.76 lakh crore in November 2020. !function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"])for(var e in a.data["datawrapper-height"]){var t=document.getElementById("datawrapper-chart-"+e)||document.querySelector("iframe[src*='"+e+"']");t&&(t.style.height=a.data["datawrapper-height"][e]+"px")}}))}(); Aadhar Payment System below historical peak In the wake of the pandemic, the central government used the Aadhaar-enabled Payments System (AEPS) to transfer welfare funds to citizens across the country dealing with the hardships of the lockdown. This…
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