Increase in Digital Payments

Increase in Digital Payments

Digital payments in high in November this year showed an increase, with sustained growth in transactions through Unified Payments Interface and Immediate Payment Service.  Payments through UPI remained well above 200 crore mark as per NPCI data.

Around 221 crore transactions worth Rs. 3.9 lakh crore were processed on BHIM UPI in November as compared to 207 crore transactions amounting to Rs. 3.86 lakh crore in October 2020. IMPS completed ten years and processed 34 lakh crore transactions in November.   Reasons were attributed to Festival demand, Start of Wedding season, and above all continued social distancing has pushed people to go for digital payments.

Number of transactions in Bharat Bill pay and FASTags also showed increased transactions. However, the number of approved transactions on the Aadhaar­enabled Payment System (AePS), a key factor in passing on the direct benefit transfers declined further to 26.6 crore in November from 28.96 crore in October.  The value of payments, however, increased to ₹19,055.09 crore last month from ₹18,603.06 crore in October.

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