Lawstreet Journal

Online payments return to pre- COVID- 19 Levelsafter plummeting over 60 percent during the lockdown

Lawstreet Journal 7 Jul 2020 2:57am

Image courtesy: Lawstreet Journal Business Online payments return to pre- COVID- 19 Levelsafter plummeting over 60 percent during the lockdown

Mobile payment transfers via the Unified Payment Interface (UPI), cards, and mobile wallets have rendered a near-V-shaped recovery this month. Volumes plummeted nearly 60 percent in April following a nationwide lockdown to combat the spread of the Covid-19 pandemic. UPI, operated by the National Payments Corp of India (NPCI), processed 1, 23 billion transactions worth Rs 2, 41 lakh crore until June 28, the most value recorded by the network in a month, according to data from the Reserve Bank of India (RBI). The monthly volume in April amounted to 990 million Rs.1.5 lakh crore, marking the sharpest month-on-month drop on the platform since it became operational in 2016. 

Experts stated, “The UPI increase is due to consumers increasingly paying utility and shopping bills through contactless modes.” Ambarish Kenghe, senior director, product, Google Pay, stated, “Covid-19 has accelerated the shift to digital. It’s been a V-shaped recovery after volumes had fallen in April.” He further, “Google Pay, the UPI leader in India, has seen increased customer interest for bill payments and online recharges on its platform in the months following the initial lockdown.” India imposed a nationwide lockdown at the end of March, and the restrictions started to be relaxed in early May 2020. 

Walmart-owned payment company PhonePe also said that the volumes had recovered. Karthik Raghupathy, vice president, strategy and business development of PhonePe stated, “Payment volumes for June are back to pre-lockdown levels. This is driven both by the fact that offline and online merchants across most parts of the… Continue Reading...

Tagged: Lockdown  
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