UPI transactions declined by 6% in March, still crosses 1 billion mark

UPI transactions declined by 6% in March still crosses 1 billion markIndia (NPCI) Corporation. This is remarkable, considering the effect on the economy of the COVID-19 pandemic and the uncertainties of the moratorium on Yes Bank. The total transaction sum decreased by 7 percent to Rs 2,06,462 crore. NPCI, a private company owned in India by the public sector and private banks, owns and operates major payment networks such as UPI and IMPS. According to data released by the National Payments, the amount of Unified Payment Interface (UPI) payments declined 5.8 percent in March 2020 over the previous month but surpassed the 1 billion mark anyway.

In March 2020, however, both the total number of transactions and the amount transacted increased by 1.5 times compared with March 2019. In March 2020, 148 banks were operational in total.

For March 2020, the average amount per transaction decreased marginally to Rs 1,656, although it has remained largely flat since November 2019 and has remained above Rs 1,500 since 2019 (as of March 2019).

The number of transactions declined by 76.4 million in March, and the total amount transacted also went down by Rs 15,533 crores. In the previous month (February 2020), the number of transactions had increased by 18.3 million and the amount transacted had grown by Rs 5,753 crores.

While the number of transactions and the amount transacted have increased since September 2019, March 2020 saw a drop in transactions and the amount transacted. As a result, transactions per day declined from 45 million in the previous month to 40 million per day for the first time.


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