May digital payments see an uptick, indicating revival in economic activity

Digital payments saw a revival in May, after the government granted some relaxation during the third and fourth phases of the lockdown, leading to a pick-up in economic activity.

April had witnessed a blip in digital payments, following the stringent lockdown.

Data by the National Payments Corporation of India (NPCI) showed the transaction volume and value, on platforms such as United Payment Interface (UPI), Immediate Payment Service (IMPS), National Electronic Toll Collection (NETCC) and Bharat Bill Payment System (BBPS), posting significant growth in May.

Transaction value for UPI, at Rs 2.18 trillion, surpassed that for March at Rs 2.06 trillion, with the volume coming in a little short at 1.23 billion versus 1.25 billion.