According to the data, the volume of UPI transactions
in March slipped to 124.68 crore from 132.57 crore in February.
The value of UPI transactions
too came down to Rs 2.06 lakh crore during March, from Rs 2.23 trillion in February.
The number and value of transactions through the UPI had been constantly growing, barring marginal decline in some months.
imposed by the government with effect from March 25 to fight coronavirus
seems to have adversely impacted the transactions through UPI.
The real impact, however, will be known once the transactions data for April is known.
has been extended till May 3, though with some concessions.
The NPCI data on IMPS (Immediate Payment Service) revealed the number of transactions fell to 21.68 crore in March from 24.78 crore in the previous month. There was also a decline in the value of transactions during March to Rs 2.01 trillion from 2.14 trillion in February.
IMPS provides real-time fund transfer which offers an instant, 24X7, interbank electronic fund transfer service that could be accessed on multiple channels like Mobile, Internet, ATM, SMS, Branch and USSD (*99#).
The 24X7 IMPS empowers customers to transfer money instantly through banks and RBI authorised Prepaid Payment Instrument Issuers (PPI) across India through mobile phone, internet banking and ATM.
Meanwhile, an RBI data revealed that value of Real Time Gross Settlement (RTGS) transactions shot up to Rs 120.47 trillion in March, up 34 per cent over February. The total value of RTGS transactions in February was 89.9 trillion.