 "The 21-lockdown imposed by the government with effect from March 25 to fight coronavirus seems to have adversely impacted the transactions through UPI")
After constantly rising for the past several months, the volume, as well as value, of transactions through UPI payment system dropped in March due to the 21-day nationwide lockdown imposed to combat the coronavirus infection.
Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity.
UPI is built over the IMPS infrastructure and allows one to instantly transfer money to any bank account.
According to the data, the volume of UPI transactions in March slipped to 124.68 crore from 132.57 crore in February.
The value of UPI transactions
