Also, we are seeing transactions moving from the card segment to UPI and other digital payment platforms. Last Updated at September 1, 2020 22:00 IST. We are proud that currently UPI does not provide news feed to the local dailies only but also to the national media publications. Digital payment transactions have rebounded from the Covid-19 shock and have reached pre-covid levels, despite the massive contraction in Indian economy owing to the lockdown imposed in the initial months to contain the spread of the virus. We, however, have a request. Despite the economy de-growing, digital transactions have managed to increase their share. Enjoy Reading! Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Support quality journalism and subscribe to Business Standard. Credit cards are still holding up in the higher value segment where the transaction payment value is higher. United Payments Interface | National Payments Corporation of India | Lockdown, Subrata Panda  |  Complaints related to UPI, Bharat bill payment system, UPI QR code can fall within the scope of banking ombudsman. Leading India- and Singapore-based animation studio Cosmos-Maya has partnered with Irish animation studios Dear Will and Piranha Bar to co-produce a … Many suggest transactions are now moving away from the card segment to UPI and other digital payment platforms. Kindly visit the Manage my subscription page to discover the benefits of this programme. Copyrights © 2020 Business Standard Private Ltd. All rights reserved. 00:42 IST, Disruptive MBA Startups You've Never Heard Of, Movies Were Better When Whoopi Was in Them, DC Debuts Smartphone-Based Covid-19 Exposure Alert System, A Desk of Their Own To Ease Remote Learning For Kids In Need, 7 Questions to Ask When Deciding Where To Deliver Your Baby, 5 Tips To Support Your Kid's Immune Health, Australian Says Watchdog Considers Its Own Google Antitrust Case. Immediate Payment Service (IMPS) has also touched an all-time high in terms of transactions and their value. It is this credibility and trust that keeps us stitched with our worthy readers. In the offline segment, people are shunning cash and adopting UPI. We, however, have a request. Moreover, grounds like unauthorized fund transfer, delay in payment of cheques, refusal or delay in closing the account, non-observance of RBI guidelines, failure to effect online payment, online payment failed, failure to refund money in case of a failed transaction, etc. Kindly visit the Manage my subscription page to discover the benefits of this programme. Adaption of UPI, especially at the merchant level, has been significant. The most encouraging thing that the pandemic has brought about is adoption of digital payments in offline mode as consumers are increasingly switching to pay via digital payment methods in grocery shops and other places where cash ruled the roost. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. While it took UPI three years to reach a billion transactions in a month, the next billion came in just a year. Experts say, UPI transactions will pick up further during the festive season that is around the corner. Bharat Bill Payment System clocked a transaction count of 15.11 million worth Rs 2,425.15 crore. Experts said, the Covid-19 pandemic has done more to digitising payments in India than what demonetisation achieved, and the digital future is here to stay. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. FasTag, though recovering from its fall in April due to the stringent lockdown imposed in the country, has not managed to rebound to pre-covid levels so far. So by December UPI can reach 2 billion transactions in a month and by March 2021, it should reach 2.15 billion transactions in a month”, Ashneer Grover, CEO & Co-Founder, Bharat Pe. In August, FasTag recorded 96.83 million transactions worth Rs 1,712. Read more about UPI volumes at new high; digital transactions almost at pre-Covid levels on Business Standard. Topics As we battle the economic impact of the pandemic, we need your support … Last Updated at October 21, 2020 00:39 IST.