Money & Banking

Digital payments recover in June

Surabhi Mumbai | Updated on July 01, 2021

UPI nears ₹5.5 lakh crore mark

With the gradual opening up of the economy from June, digital payments also shot up last month after subdued transactions in April and May.

Payments through the Unified Payments Interface touched a record high and neared the ₹5.5 lakh crore mark in June, according to data released by the National Payments Corporation of India.

As many as 280 crore transactions worth ₹5.47 lakh crore took place through UPI last month as against 253 crore transactions totalling ₹4.9 lakh crore in May.

This is only the second time that UPI payments crossed the ₹5 lakh crore mark. It was previously at ₹5.04 lakh crore in March, after which it fell for two consecutive months.

Payments on the Immediate Payment Service (IMPS) platform also registered growth in June. Over 30.3 crore transactions worth ₹2.84 lakh crore took place through IMPS as compared to 27.9 crore transactions amounting to ₹2.66 lakh crore in May.

Transactions on Bharat BillPay saw even more robust growth with 4.54 crore payments worth ₹7,934.71 crore in June. In contrast, it had registered 3.92 crore transactions totalling ₹6,270.31 crore in May.

Transactions on the Bharat BillPay platform have been rising all through April and May when there were localised lockdowns, with more people choosing to use it for payment of utility bills.

Payments through NETC FASTags also recovered in June but were still subdued compared to April levels. It recorded 15.78 crore transactions worth ₹2,576.28 crore in June as against 11.64 crore payments totalling ₹2,125.16 crore in May.

Transactions through Aadhar Enabled Payment System (AePS) also registered a sharp growth last month totalling 8.75 crore in volume worth ₹24,667.8 crore. In contrast, there were 8.42 crore transactions worth ₹24,619.24 crore in May on the platform.

Published on July 01, 2021

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