Online transactions decline in India

Online transactions decline in India

Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “Online transactions decline in India

Data released on Tuesday by the National Payments Corporation of India (NPCI) is indicating that India’s cashless retail transactions on UPI platform declining. UPI transaction recorded Rs 8.27 lakh crore in February which is slightly lower than the amount recorded in the previous month. A total amount of 452 crore (4.52 billion) transactions has been recorded in February 2022.

What are the reasons for declining online transactions?

  • Here it is an important that neither NPCI nor any authorized entity gave the reasons behind declining online transactions but we can understand some points which may be the reasons behind it.
  • The ongoing tension in geopolitics, especially war like situation between Russia and Ukraine.
  • The number of days- it is noted out that February has less number of days than any month in a year.
  • Network Issue- We experience many transaction failed and not able to process the online transaction due to server down in online payment gateways.

Previous month data:

  • In January, the value of cashless retail transactions on the BHIM UPI platform recorded at Rs 8.32 lakh crore while the total number of transactions was at 461 crore (4.61 billion).
  • Little up move has been seen in the value of automatic collection at toll plazas through the NETC FASTag technology, with over 24.36 crore transactions (243.64 million) worth Rs 3,631.22 crore in February.
  • In the preceding month, NETC FASTag toll collections were recorded at Rs 3,603.71 crore trough 23.10 crore (231.01 million) transactions.

Data about IMPS:

Instant money transfer through 24×7 IMPS (Immediate Payment Service) decreased to Rs 3.84 lakh crore in February as against Rs 3.87 lakh crore in January. During the same period, the number of such transactions stood at 42 crore (420.93 million) as against 44 crore (440.17 million), as per the data.

Question & Answer:

Q1. What is the value of UPI transactions in February 2022?

Ans. Rs 8.27 lakh crore

Q2. What is IMPS and how it works?

Ans. IMPS- Immediate Payment Service, IMPS is an instant payment inter-bank electronic funds transfer system in India

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