UPI volumes at new high; digital transactions almost at pre-Covid levels

Unified Payment Interface (UPI), the flagship payments platform of National Payments Corporation of India (NPCI), is touching new highs every month. In August, UPI volumes touched 1.61 billion transactions worth Rs 2.98 trillion, compared to 1.49 billion transactions in July worth Rs 2.9 trillion, data released by NPCI revealed.

Digital payments transaction have rebounded from the covid19 shock and have reached pre-covid levels, despite the massive contraction in Indian economy owing to the lockdown imposed in the initial months to contain the spread of the virus.

“There is a massive adoption of UPI in offline and online segment. In the offline segment what we are seeing is, people are shunning cash and adopting UPI.