Falling cash usage in May-Jul: Transaction value via UPI 24% higher than that of IMPS

Mounting job losses and salary cuts across sectors coupled with limited use of cash due to COVID-19 apprehensions has changed the spending habits of citizens, according to data available from the National Payments Corporation of India (NPCI).

During May, June, and July, for example, the total number of transactions done through the NPCI’s Unified Payments Interface (UPI) stood at 1,234.5 million, 1,336.9 million, and 1,497.3 million, respectively.

The total value of transaction done via UPI in these three months amounted to Rs 7,707.6 billion, which was 24 per cent higher than all transactions done through the inter-bank immediate payment service (IMPS).