UPI and IMPS: New Life for Banking System
Demonetization and COVID-19 gave new lease of life to the digital banking system in India. The digital transactions are increasing, however, miles to cover before we completely replace cash transactions.
Here are few interesting analysis:
- UPI transactions value has reduced during COVID-19, however, the volume has increased
- IMPS has witnessed a continuous increase in transaction value and volume.
- UPI and IMPS transactions during the festive season are not high rather it takes a nose-dive in the transaction volume
Source: RBI
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