 "Covid-19 second wave: Digital payments drop as state impose curbs")
Retail digital payments saw a dip in April, after the rise in Covid infections resulted in lockdown-like situations in many parts of the country. Unified Payments Interface (UPI), the flagship payments platform of the National Payments Corporation of India (NPCI), saw a 4.3 per cent dip in transaction volume and a 2.22 per cent dip in transaction value.
Similarly, Immediate Payment Service (IMPS) saw an 11 per cent drop in transaction volume and an 8 per cent drop in transaction value. Due to localised lockdowns, FASTag also witnessed a 15 per cent drop in transactions volume and a 10 per cent dip in value. However, the dip seen in April this year is as bad as last year. Notwithstanding the minor blip in the initial months of the pandemic, where transaction volume and value dipped, the recovery was fast and NPCI's payment platforms like UPI, IMPS, and others recorded fresh highs in the following months aided by aversion towards cash and card usage by the general public.
Similarly, Immediate Payment Service (IMPS) saw an 11 per cent drop in transaction volume and an 8 per cent drop in transaction value. Due to localised lockdowns, FASTag also witnessed a 15 per cent drop in transactions volume and a 10 per cent dip in value. However, the dip seen in April this year is as bad as last year. Notwithstanding the minor blip in the initial months of the pandemic, where transaction volume and value dipped, the recovery was fast and NPCI's payment platforms like UPI, IMPS, and others recorded fresh highs in the following months aided by aversion towards cash and card usage by the general public.
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