With the continued upturn in economic activities as well as year end spends, digital payments registered robust growth in December across all channels. Data released by the National Payments Corporation of India revealed that transactions on the UPI platform rose to ₹4.16-lakh crore in December with a total of 223.41 crore payments processed.
Transactions on the Immediate Payment Service (IMPS) rose to 35.56 crore amounting to ₹2.92 lakh crore in December. This was higher than the 33.91 crore payments worth ₹2.76 lakh crore processed on IMPS in November. Significantly, RBI also launched the Digital Payments Index (RBI-DPI), which aims to capture the extent 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,” the RBI said in a statement.