Coronavirus Lockdown: Digital payments slump as non-essential services dry up

As the nationwide lockdown hits the 34-day mark, a report by fintech player RazorPay suggests that digital payments and transactions have seen a significant 30% dip in the course of the lockdown. The ‘The Era of Rising Fintech’ report is based on transactions on Razorpay’s platform between February 24 and March 23 (pre-lockdown) and March 24 to April 23 (post- lockdown).

It says that unified payments interface (UPI) transactions saw a 37% fall, cards 30%, and net banking 28% fall during the lockdown, compared to the previous month. However, in terms of volume, UPI made the highest contribution of 43%, followed by debit and credit cards with 39% and netbanking with 10%.