wordpress blog stats
Connect with us

Hi, what are you looking for?

NPCI’s flagship platforms get a helping hand from COVID-19 lockdowns

The COVID-19 pandemic shut businesses and restricted people from normal activity for several months in 2020. But in the wake of the lockdown, digital payments adoption grew significantly particularly from the second half of the year.

In particular, the Unified Payments Interface (UPI) has seen transaction volumes double in a matter of a few months between April and September. According to data from the National Payments Corporation of India (NPCI), released last week, UPI recorded 2.23 billion transactions worth over ₹4.16 lakh crore as of December 2020, up by 105% from last year. In 2020, there were a total of ₹33.87 lakh crore transactions on the UPI platform.

Bharat Bill Payments System doubles in value

Similarly, transactions on the Bharat Bill Payments System (BBPS), another NPCI-owned payments rail, doubled in the last year. In December 2020, there were over 26 million transactions worth a little over ₹3,962 crore compared to 14 million transactions worth ₹1,970 crore in same month of the previous year. A total of ₹35,466.5 crore transactions took place on BBPS during the last year.

Advertisement. Scroll to continue reading.

Aadhaar Payments System close to historic high

The central government has been using the Aadhaar-enabled Payments System (AEPS) to transfer welfare benefits to citizens across the country dealing with the hardships of the lockdown. This led to a massive boost to transactions flowing through AEPS between April and June this year. In December, there were 72.5 million transactions worth ₹19,919 crore, around 104% higher than in the previous year. A little over ₹1.98 lakh crore worth of transactions took place on the AEPS platform in 2020.

Immediate Payments System reaches historical high

Transactions on the Immediate Payments System (IMPS), used for higher value transactions, grew by 38% to over ₹2.92 lakh crore in December 2020 compared to 2.1 lakh crore in the previous year. In total, there were ₹26.82 lakh crore transactions processed on IMPS in 2020.

FASTag hits new historical high

Transactions on the National Electronic Toll Collection (NETC) or FASTag platform have grown gradually over the last year, as the government mandated all cars and vehicles to use the system to pay for tolls on national highways from January 2020 onward. Though the government had suspended toll collection for the first few months of the pandemic, toll collections have since improved as restrictions on supply-chain movements and inter-state passenger commute were eased. In December 2020, there were 138.4 million transactions on FASTag worth ₹2,303.8 crore up by 83% from the previous year. A total of ₹19,606 crore worth of transactions were processed on FASTag during 2020.

Advertisement. Scroll to continue reading.

 

Also read

Written By

Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

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...

Advert

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...

News

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...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ