Author With economic activity and the market in general seeing a decline amid the second wave of COVID pandemic in India, it seems like people have gone back to how things were during the first lockdown, as transactions and payments went for a dip. In simple terms, a report released by the Reserve Bank of India (RBI) has revealed that payments through all forms, from Unified Payment Interface (UPI) to cash and NEFT transactions, have seen a sharp decline in the month of May. As per the report, IMPS (real-time bank transactions), FasTag, and UPI, which are under the control of the National Payments Corporation of India, were amid the gateways which saw a significant decline, as were the RTGS and NEFT transaction gateways (which are mostly used for transferring large sums in business) run by the RBI itself. Even cash withdrawals from the ATM saw a dip.