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’.
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