COVID-19 Second Wave Takes a Toll on Digital Payments
Source: Money Control
Digital payment transactions have fallen sharply between April and May after sustaining a rising trend till March, hit by the second wave of COVID-19 pandemic, according to the National Payments Corporation of India (NPCI) data.
The fall is most visible in Immediate Payment Service (IMPS) and Unified Payments Interface (UPI) payments. Between April and May 2021, the volume of transactions over the IMPS dropped 13.4 percent while that of UPI fell 4.21 percent.