Money & Banking

Digital payments go strong in November

Surabhi Mumbai | Updated on December 01, 2020 Published on December 01, 2020

Festival demand, the start of the wedding season as well as pent up demand have boosted digital payments

Digital payments continued to go strong in November with a sustained growth in transactions through Unified Payments Interface and Immediate Payment Service.

Payments through the UPI remained well above the 200 crore mark, data released by the National Payments Corporation of India on Tuesday showed.

As many as 221 crore transactions worth ₹3.9-lakh crore were processed on Bhim UPI in November compared to 207 crore transactions amounting to ₹3.86-lakh crore in October.

IMPS, which completes 10 years, processed 33.91 crore transactions in November amounting to ₹2.76-lakh crore of payments. In October, 31.89 crore payments totalling ₹2.74-lakh crore took place through IMPS.

 

A combination of festival demand, the start of the wedding season as well as pent up demand along with continued social distancing has fuelled consumer spending in recent months that is estimated to have boosted digital payments.

While the number of transactions increased on Bharat BillPay and FASTags, their total value, however, declined in November compared to October.

Bharat BillPay processed 2.39 crore transactions in November totalling ₹3,713.21 crore as compared to 2.37 crore payments worth ₹3,961.42 crore in October.

Similarly, transactions on NETC FASTags rose to 12.48 crore in November versus 12.23 crore in October. However, the value of transactions marginally declined to ₹2,102.02 crore in November from ₹2,137.16 crore in October.

However, the number of approved transactions on the Aadhaar enabled Payment System (AePS), which plays a key role in direct benefit transfers declined further to 26.6 crore in November from 28.96 crore in October.

The value of payments, however, increased to ₹19,055.09 crore last month from ₹18,603.06 crore last month.

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Published on December 01, 2020
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