UPI transactions buck trend of decline in digital banking activity

The UPI reported transactions valued at Rs 1,728 cr in February, up from the Rs 1,659 cr in January

An electronic payment channel — the Unified Payments Interface (UPI) — has bucked the trend of the decline in the value of digital transactions, which otherwise saw a significant reduction for the second consecutive month in February. 

The UPI, managed by the National Payments Corporation of India (NPCI), reported transactions valued at Rs 1,728 crore in February, up from the Rs 1,659 crore in January, which, in turn, saw a huge jump over the Rs 700 crore in December. 

However, the volumes declined to 3.8 million in February from the 4 million in the previous month. The volumes for the UPI stream