From today till five years ago, the success of digital payments in India would hardly have been imagined by anyone, but digital payments are now being taken up in the country. The lockdown has greatly benefited the Indian digital payment system.
In the second quarter of this year, the volume of UPI payments has seen an increase of 82 per cent, while its value has increased by 99 per cent. This information has been received from the Worldline India Digital Payment report (Worldline India Digital Payments report).
In September 2020 more than 180 crore transactions have been made through UPI and the amount of these payments has crossed 2 lakh crore, According to the reports. In the second quarter, 19 banks started supporting UPI after which the number of banks providing UPI service reached 174 by September. Npci’s BHIM app is available for 146 bank and was downloaded by 15.8 crore people till October 13, 2020.
To take digital payments further, NPCI has recently approved WhatsApp’s UPI payment, although WhatsApp payments have received only 10 lakh users within a month of launch, while the number of WhatsApp users in India is over 40 crore, though it is also to be noted that in the first phase, WhatsApp payments were allowed to connect only two crore users. is.
“Looking at the growth of digital payments in the last few weeks, the Reserve Bank of India has announced a number of initiatives to increase digital payments in India, including new innovations, new companies, green flags for UPI, etc. Chandani further said that it is going to be noted here that cashless and digital payments have already started before the Corona period and now it is moving very fast.