UPI transactions rebound in May, rise to Rs2,18 lakh cr; SBI most preferred

Data shows UPI transactions in volume terms were at 1.23B totalling to Rs2.18 lakh cr in the May 2020.

Jun 02, 2020 08:06 IST India Infoline News Service

The latest data of the National Payments Corporation of India (NPCI), reveals that the Indians once again found love to carry digital transactions through Payments Interface (UPI) payments. UPI transactions saw a rebound in May 2020, from the previous month.

Data shows UPI transactions in volume terms were at 1.23B totalling to Rs2.18 lakh cr in the May 2020. 

This was higher by 44% compared to 0.99bn transactions valuing to Rs1.51 lakh cr in April 2020.

India underwent nationwide lockdown from March 25, in order to fight the Coronavirus pandemic which has disrupted the country extremely. By March-end, UPI transactions were at 1.25B amounting to Rs2.06 lakh cr.

NCPI through its twitter account said, "With over a billion monthly transactions, UPI has been surging as the preferred mode of payment throughout the country. Use BHIM UPI and transform the way you transact."

However, in the last four months, the NCPI data shows that the State Bank of India (SBI) bagged a maximum share of UPI transactions in the first four months of this year. Through SBI, a whopping 1.3B UPI transactions were carried between January - May 2020.

Meanwhile, UPI transactions were at 450mn through Axis Bank, 427mn from HDFC Bank and 340mn via ICICI Bank in the same period. 

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