We use payment data released by RBI and National Payment Corporation of India (NPCI). Specifically, we track UPI, IMPS and NETC FASTag transaction values. Daily average UPI and IMPS transaction values recorded an all-time high in November and continued to increase in December. NETC transactions are above pre-Covid levels and at an all-time-high. Also, we note that some of the UPI/IMPS transactions may be in lieu of cash payments (as people avoid handling cash used by others) and may not reflect more total spending by consumers
