Why did UPI volumes drastically fall on 17th September 2020?

-

 



UPI started four years ago, but it seems it has been around for a majority of bank account holders.

UPI is the de-facto choice for millions of bank account holders across India.

The love for UPI transcends boundaries, across states, across time.

Thousands of UPI transactions flow every minute across the country.

The joy of sending and receiving monies within seconds in bank accounts is worth watching.  

The sadness of not able to send or receive monies due to UPI disruption has to be seen on the face of my office canteen chaiwallah.

The same sad feeling reflected across many bank holders, during the 2nd half of 17th September 2020. They could not understand what was wrong: -

01)                       Mobile Network issues

02)                       Issue with sender’s bank

03)                       Issue with receiver’s bank

04)                       Issue with their UPI App

UPI saw its lowest September 2020 volumes on 17th September, 2020.

The 17th September volumes were 402.75 lacs as compared to 628.73 lacs on 16th September or 637.88 lacs on 18th September.

UPI Volumes

 16/09/2020 -- 628.73 lacs

17/09/2020 – 402.75 lacs

18/09/2020 – 637.88 lacs

My office Chaiwallah with a captive consumer base of 500+ and other small vegetable vendors complained that UPI transactions were not going through in the 2nd half of 17th September.

It was a bit chaotic with customers and sellers confused as to why the UPI transactions were not going through.

My office Chaiwallah lost business of around INR300/- (His average transaction is INR10/-) and other vendors too lost business, as many of their customers did not have cash in their purses!!

Of course, regular customers were offered a mini Line of Credit.

The disruption brought in a new angle for bank account holders.

 

Please refer to the Reserve Bank of India ‘Daily data of select payment systems’,  for daily updates on India’s digital transactions volumes.

Disclaimer: These are my personal opinions only, and the bottom line is ‘Spreading the Joy of Safe ePayments’.

 

 

 

 

Comments

  1. bodrick mumbaOctober 16, 2020 at 10:09 PM


    Good day to you all am very happy to write this testimony to the whole world to see the great work of the great man named DR.AZIEGBE I was down over since 1year but thank god am here to give this testimony for you all to see the great powers that is hiding on this earth I was once an HSV 2, but thanks to him that help me I was going through internet looking for cure when I see this man name AZIEGBE I quickly email him If I can get help to grateful surprise to me he really do according to the post I see on internet this man ask me to provide some necessary things which he should be able to use for my cure, I did what he say and after everything, this man told me that after two weeks I will be cured, after that ending of the weeks i should go for test I did and I was very happy when I see my result but i don’t know how he did it but thank God for bring this man to me am very happy to see myself am HSV negative you can order now and get your cure on email: DRAZIEGBE1SPELLHOME@GMAIL .COM just call him for quick answer on his number +2349035465208, also contact him on this
    1. HIV / AIDS 2. COPD 3. CANCER 4. ALS (Lou Gehrig's disease) 5. Hepatitis B
    ..
    6. HPV 7. emphysema

    ReplyDelete

Post a Comment

Popular posts from this blog

CERTIFICATE EXAMINATION IN INTERNATIONAL TRADE FINANCE

-
Image
          This certification is essential for all members of a Bank Trade Finance Department.   The syllabus covers key aspects required by team members to effectively discharge their duties. Trade Finance is one of the traditional forms of bank finance in India. In view of reforms and liberalisation, this has gained a new significance.   Many of the practices in trade finance have evolved over a period of time and some are guided by Ministry of Commerce and Reserve Bank of India, besides WTO and International Chamber of Commerce through UCPDC 600. With the increase in the volume of trade both domestically and internationally, there is a need for trade finance professionals from banks as well as corporates. The Objectives of this IIBF Examination is as under:   (i) To provide candidates with competencies required to function as trade finance practitioners. (ii) To enable candidates to possess the ...
Read more

IIBF-Certificate Examination in Foreign Exchange Facilities for Individuals

-
          The primary objective this IIBF course is to make the branch officials familiar with the FEMA provisions that impact their day to day functioning at the branch level.     This exam is being introduced pursuant to the recommendation of a committee of RBI.           Normally foreign exchange transactions pertaining to individuals are handled at branches only and are not referred to specialised forex cells.           The course covers ‘Foreign Exchange Facilities for individuals under FEMA1999’ RBIs FAQs’ on Forex Facilities for Residents (Individuals) (updated up to November 21, 2014) For full details refer to Reserve Bank of India website: Introduction : The legal framework for administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, 1999. Un...
Read more

IIBF introduces Self-Paced E-learning courses (SPeL) for its two certificates

-
Image
          Indian Institute of Banking Finance (IIBF) has taken a quantum leap in disseminating knowledge to its members and non-members.           IIBF in April 2019, introduced the Self-Paced E-learning courses (SPeL) concept for banking enthusiasts to be familiar with banking concepts.           In the first stage, IIBF has launched   two certificate courses i.e 1. Digital Banking and 2. Ethics in Banking.           The objective of this self-paced e-learning mode are as follows: • Participants can make the best use of his or her time, in order to meet his or her learning objectives. • Participants can access the course   anywhere/anytime with an internet connection. • Participants need not travel to give their examinations. It saves time and money of the participants. ...
Read more