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Digital payments in June bounce back to pre-Covid levels

Digital payment transactions through the Unified Payment Interface (UPI), cards and mobile wallets have made a near V-shaped recovery in June. Volumes had plunged nearly 60% in April after a nationwide lockdown to contain coronavirus was announced in March. UPI has processed 1.23 billion transactions worth Rs 2.41 lakh crore until June 28. The monthly volume in April was 990 million amounting to Rs.1.5 lakh crore, recording the sharpest month-on-month fall on the platform since it became operational in 2016. The surge in UPI transactions is due to consumers increasingly paying utility and shopping bills through contactless modes, experts said.

Read More at The Economic Times News date : 30 Jun 2020, Tuesday

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