Lockdown impact: Digital transactions nosedive in April, shows NPCI data



Digital payments nosedived in April, as economic activities in the country came to a near standstill due to the nationwide lockdown, data released by National Payments Corporation of India (NPCI) indicated.

The value of IMPS (Immediate Payment Service) transactions in April fell to about Rs 1.21 trillion in April, from about Rs 2.02 trillion in March. The transaction count was 122.5 million in April, from 216.8 million in March, NPCI declared on Twitter and Facebook. In February, before the lockdown started, the IMPS counter had witnessed about Rs 2.15 trillion worth of value in 247.8 million transactions.

The IMPS is typically used for transactions up to Rs 50,000. The drop in such payments, 43.72 per cent vis-a-vis February, and 40 per cent since March indicate a huge contraction in economic activities.

Similarly, transactions through BHIM and UPI (Unified Payments System) fell 26.7 per cent to Rs 1.51 trillion, from Rs 2.06 trillion in March. The number of transactions fell from 1250 million to 990 million between April and March. In comparison, February witnessed 1330 million transactions for a total volume of Rs 2.23 trillion.

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