Covid effect: Digital payments report growth in December 2020

digital payments

Digital Payments across the country have reported robust growth in December due to the upturn in economic activities and rise on spends due to year end. As per the data released by National Payments Corporation of transactions on the UPI platform inflated to Rs 4.16-lakh crore in December with a total of 223.41 crore payments processed.

Transactions on the Immediate Payment Service (IMPS) grew to 35.56 crore amounting to Rs 2.92 lakh crore in December. This figure was larger than the 33.91 crore payments worth Rs 2.76 lakh crore processed on IMPS in the month of November. Notably, RBI also unveiled the Digital Payments Index (RBI-DPI),that focuses to capture the reach of digitisation of payments across the country.

“The DPI for March 2019 and March 2020 work out to 153.47 and 207.84 respectively, indicating appreciable growth,” said the central bank in its official communiqué.

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