National Payments Corporation of India (NPCI) said that there is a surge in the digital payments at supermarkets and in bill payments. 50 lakh new users have registered themselves on UPI to enable digital payments. Complete Coverage: Coronavirus
Crux of the Matter
Corona Defining Trends Unified Payments Interface (UPI) is a digital payment system developed by the National Payments Corporation of India. UPI apps are regulated by the Reserve Bank of India to facilitate the transfer of money between two bank accounts. Due to coronavirus, overall money transaction has reduced drastically. The constant threat of spreading and transmission of Coronavirus by the physical exchange of money has played a vital role in changing the mode of payment from cash to digital payment. Digital Payments and Aadhaar enabled Payment System (AePS) are witnessing a surge in transactions through applications like UPI, Phonepe, Paytm, etc. towards the payment of pending bills, recharges, or money transfer. Motivated by government directives, people are preferring to pay money through digital mode at supermarkets and malls as well.
Digital India Praveena Rai, COO, National Payments Corporation of India, informed that 50 lakhs new users have registered on the UPI App last month. The government is successful in getting attention to use digital payment systems from 1 billion people by running the “UPI Chalega” campaign. This campaign has helped to increase the number of digital transactions in supermarkets.
Demand for strong infrastructure is coming from merchants and individual customers to activate digital payment across the country. Merchants have started using digital transaction systems like QR codes, applications like Google Pay, Paytm, PhonePe, etc. and card transactions. People have reactivated their Rupay cards to avoid cash payments.
Curiopedia
On the day RBI took over Yes Bank’s authority, Yes Bank accounted for 39% of all UPI transactions in the country.
UPI was introduced by NPCI in 2016. In the first 3 years after its introduction, UPI helped transactions worth ₹17.29 Lakh Crores.
Application wise, Google Pay accounted for 60% of the transactions as of July 2019.
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