In an interesting turn of events, monthly unified payment interface (UPI) ecosystem saw a huge increase in activity across India. After the devastating second wave of COVID-19 spread across the country, UPI activity picked up after staggered lockdown restrictions were lifted in various phases across India.
While the number of transactions declined severely due to the lockdown during the peak pandemic months of 2021, post-wave activity more than compensated for it. Data released by the National Payments Corporation of India (NPCI) on Thursday showed that the number of transactions seen during the month of June stood at around 2.80 billion, valued at around Rs 5,47,373 crore. is i Interface Platform. Though the over-arching data was released by NPCI, the data for individual payment gateways is yet to be released.
This number shows a significant increase in the number of transactions, especially when compared to the previous months of April and May. The total number reached 2.64 billion in April, valued at around Rs 4,93,633. In the month of May, these numbers only rose slightly as staggered lockdowns and restrictions began to ease in various parts of the country.
There were around 2.53 billion transactions done across the country in May, while the total value of these transactions across various payment gateways was around Rs 4,90,638 crore. The change from the previous month to June shows an increase of about 10% in activity and consumer habits.
This growth also points to the revival of businesses after the second wave in May and the ensuing pandemic lockdown. Other branches of NPCI, such as Bharat Bill Payment System (BBPS), Aadhar Enabled Payment System (AEPS), National Electronic Toll Collection (NETC), and even Immediate Payment Service (IMPS), also reported significant increases in activity and transactions in the month See the speed Along with June, May is showing a significant drop in activity.
For fastag, the increase showed 157.86 million transactions valued at Rs 2576.28 crore, as against the number of transactions in May at 116.48 million valued at Rs 2,125.16 crore. The upward trend suggests an increase in mobility after the lockdown.
BBPS did 45.47 million transactions on its platform. Similarly, AEPS and IMPS also saw a boost to 87.56 million transactions and 303.7 million transactions respectively. The cross-platform increase in activity indicates that people are becoming more and more dependent on UPI based services and online transactions.
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