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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