In June, a jump was recorded in the monthly United Payments Interface (UPI) transactions which indicated a recovery in demands for goods and services after the second COVID-19 wave disrupted the economic growth. It had been an all-time high as India had emerged from a devastating second wave of the coronavirus pandemic.
2.8 billion UPI transactions worth Rs 5,47,373 crore had been recorded in the month of June before the highest recorded month was March this year with 2.73 billion transactions worth Rs5,04886 crore, after which the transactions had fallen in April and May which were the peak months of the second wave as only 2.53 billion transactions had been made by UPI worth of Rs 4,90,638 crore.
The growth was not only significant wfor increasing traction for digital payments in India but also for the revival in business activity following the ease in pandemic-induced lockdowns in May.
If the economic activity keeps growing without any interruption then the experts have been expecting the UPI transactions to reach 3 billion with an average of 100 million daily.
The BBPS, NETC, AEPS, and IMPS, all of the payment channels of NCPI recorded a monthly growth in June. Even the growth of Fastag was sharper with 157 million transactions which indicated an increase in mobility.
The economic recovery depends on the momentum of high demands, whether or not it can be sustained for a longer haul.