In a first, UPI transactions exceed ATM cash withdrawals, courtesy pandemic

But while cash withdrawals and dealings are declining, there has been a 20% YoY spike in the quantum os notes and coins help with the public

E-payments, UPI
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Abhishek Waghmare Pune
Things are changing faster than usual under the pandemic. People’s spending on restaurants has plummeted to near-zero, but that on mobile data and broadband has surged. Travel expenses are being saved, but precautionary healthcare spend is rising.

It doesn’t take much to realise that we are using digital payments more than ever and cash, quite rarely. The local kirana shop, the fruit seller, the electrician: everyone is accepting, in fact, preferring payments on platforms such as Google Pay or PhonePe. 

As a result, the newest of the digital payments platforms, the Unified Payments Interface (UPI), crossed an important milestone. The

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First Published: Oct 28 2020 | 6:00 PM IST

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