UPI transactions at record 1.49 billion in July
In the first such case, the Unified Payments Interface based transactions have reached the highest ever tally of 1.49 billion in the month of July whereas the total value of transactions has reached the lifetime high of Rs 2.9 lakh crore. This proves more people trust this platform and also the individual transaction value is increasing.
Highlights
Along with UPI, the transactions carried out through other digital modes of retail payments operated by the National Payments Corporation of India (NPCI) have also either increased or stayed at the same level as the pre-COVID 19 levels. The toll collections through the FasTags at the national highways recorded 87 million transactions worth Rs 1623 crores in June, which was more than eight times the 10 million transactions in April. Transactions via BBPS and IMPS modes of digital payments have also reported healthy growth during this period.
Significance
The numbers show that people are showing faith in the digital revolution in the country. Also, the economy is coming back on the growth path through the transactions recorded in the online modes such as UPI, Bharat Bill Payment System, IMPS, etc. It can also be assumed that people have adopted the online modes of payment because of the COVID 19-induced lockdown situation in the country.
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Month: Current Affairs - August, 2020