India: Digital Payments Bounce Back to Pre-COVID Levels

Source: Economic Times

Digital payment transactions through the Unified Payment Interface (UPI), cards and mobile wallets have made a near V-shaped recovery this month. Volumes had plunged nearly 60 percent in April after a countrywide lockdown to arrest the spread of the COVID-19 pandemic.

UPI, operated by the National Payments Corp of India (NPCI), processed 1.23 billion transactions worth INR 2.41 lakh crore until June 28, the most value recorded by the channel in a month, Reserve Bank of India (RBI) data showed.  The monthly volume in April was 990 million amounting to INR 1.5 lakh crore, recording the sharpest month-on-month fall on the platform since it became operational in 2016.

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