Digital payments see muted growth in April

The growth of digital transactions eased in April at a time of localised lockdowns in several states amidst surging Covid-19 cases. The volume and value of transactions however, remained higher than that in February.

According to data released by the National Payments Corporation of India on Saturday, transactions on the Unified Payments Interface (UPI) in April scaled down from the ₹5 lakh crore peak it had touched in March.

As many as 264 crore transactions worth ₹4.93 lakh crore were processed on UPI in April 2021 versus 273 crore payments amounting to ₹5.04 lakh crore in March this year.

Similarly, the Immediate Payment Service (IMPS) processed 32.29 crore transactions worth ₹2.99 lakh crore in April. In contrast, there were 36.31 crore transactions of ₹3.27 lakh crore on the IMPS platform in March.

The transaction value on Bharat BillPay increased in April even though the volume fell marginally compared to March. It processed 3.51 crore transactions worth ₹5,201.92 crore in April as against 3.52 crore payments amounting to ₹5,195.76 crore in March.

Transactions through NETC FASTags saw a sharp decline in last month indicating lower movement of people and goods on highways. It processed 16.43 crore transactions worth ₹2,776.9 crore in April. In March, it had processed 19.32 crore transactions amounting to ₹3,086.32 crore.

Even the Aadhaar enabled Payment System registered muted transactions in April. It processed 7.42 crore transactions valued at ₹22,139.05 crore last month as against 7.78 crore payments worth ₹22,697.82 crore in March.

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