Digital Payment transactions decline in May from March-April levels

Cash withdrawal through ATMs, transactions through NEFT and RTGS also decline

Transactions on Unified Payments Interface (UPI), the National Payments Corporation of India’s (NPCI) flagship payments platform, have dropped in May, marking the second consecutive month of decline in digital payment transactions, due to a slowdown in economic activities because of lockdowns in various parts of the country.

In May, UPI processed 2.53 billion transactions, down 4.16 per cent and 7.32 per cent from April and March, respectively. In value terms, UPI saw transactions worth Rs 4.9 trillion, down 0.66 per cent and 3 per cent from April and March, respectively.

In March, UPI had recorded 2.73 billion transactions amounting to