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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