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UPI, credit and other mode of transactions see decline in May amid 2nd wave of COVID-19 in India: RBI Report


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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. ....

National Electronic Fund , Immediate Payment Service , National Payments Corporation Of India , Reserve Bank , Unified Payment Interface , National Payments Corporation , Bharat Bill Payments System , Aadhar Enabled Payments System , National Electronic Fund Transfer , Real Time Gross Settlements , தேசிய மின்னணு நிதி , உடனடியாக கட்டணம் சேவை , தேசிய கொடுப்பனவுகள் நிறுவனம் ஆஃப் இந்தியா , இருப்பு வங்கி , ஒருங்கிணைந்த கட்டணம் இடைமுகம் , தேசிய கொடுப்பனவுகள் நிறுவனம் , பாரத் ர சி து கொடுப்பனவுகள் அமைப்பு , ஆதார் இயக்கப்பட்டது கொடுப்பனவுகள் அமைப்பு , தேசிய மின்னணு நிதி பரிமாற்றம் , ரியல் நேரம் மொத்த குடியேற்றங்கள் ,

GH¢571.8bn MoMo transactions recorded in 2020 – BoG


GH¢571.8bn MoMo transactions recorded in 2020 – BoG
By Eric Nana Yaw Kwafo
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The Bank of Ghana (BoG) has disclosed that GH¢571.8bn (USD99.67bn) Mobile Money (MoMo) transactions were recorded in 2020.
In an era where the use of technology to minimize contact while surviving in the global covid-19 pandemic has become paramount, Ghanaians now more than ever embraced the use of mobile money for various transactions.
As the service continues to grow, BoG has confirmed that there are over 17 million active mobile money accounts in the country and still counting.
Speaking during a joint AFW2/MCM virtual regional workshop programme on Tuesday, April 6, 2021, Mrs. Elsie Addo Awadzi who is Second Deputy Governor at the BoG has provided an update on transactions recorded in the past year. ....

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