What else can stress more on the point that India is planning to go totally digital and the citizens are already using digital modes for making the experience more convenient and hassle-free The Unified Payments Interface which provides the digital mode of transferring money has recorded the highest monthly volume to date.
The record is being made for the second time consecutively in July and there were a total of 1.5 billion transactions made in the month. Last month, in June, UPI recorded a total of 1.34 billion transactions and the earlier record got topped this month.
The UPI is the channel operated by the National Payments Corporations of India (NPCI). The value of these transactions is worth Rs. 2.61 lakh crore in June. And the record of July is at Rs. 2.90 lakh crore as per the latest data released by NPCI.
During the nation-wide lockdown, the same application witnessed the sudden fall in their transactions as nobody was going out so there was much less scope of spending. The whole scenario of the UPI resembles the ‘V-shaped’ rebound that was the result of an immediate decrease in the month of March and April.
In the pre-COVID-19 months, the digital transaction platform cost nearly 25% of transaction volume. The sudden increase in the use of the platform according to the experts is the pandemic induced payment behavior change in the customers and looks like now digitization will get more exposure as well as acceptance.