BHIM saw 16.5M transactions in August 2018 accounting for only 5.3% of UPI payments
The number of transactions on Bharat Interface for Money (BHIM) UPI app was 16.5 million for the month of August 2018, up slightly from 16.4 million last month, and the total value of the transactions stood at Rs 6,873 crore, up 3% from Rs 6,693 crore in July 2018, according to data provided by the National Payments Corporation of India (NPCI). The NPCI is the bank-owned organization that runs the Unified Payments Interface (UPI).
There were 312 million UPI transactions in August, with Rs 54,212 crore being transacted. Thus, BHIM processed only 5.3% of all UPI transactions and accounted for 12.7% of the amount transacted in August. In the previous month, BHIM had processed 7% of all UPI transactions and accounted for 15% of the amount transacted.
In the previous month, Economic Times reported that 40% of UPI transactions were on Phonepe, followed by Paytm with 73 million transactions accounted for 31% of all UPI transactions in July 2018. In June 2018, Google Tez accounted for 22% of all UPI transactions. There is no data available on WhatsApp payments since its initial launch.
Currently, BHIM is live on 99 banks and has seen over 33 million app downloads. However, the NPCI, which developed BHIM, does not give information on the number of virtual payment addresses (VPAs) created and the number of accounts linked to the UPI.
In terms of net additions, the number of transactions for BHIM grew slightly by 0.08 million in August 2018 – highest addition was in July 2018, while the total amount transacted was up by Rs 180 crore. In the previous month (July 2018), the number of transactions added were 0.08 million and the amount transacted had grown by Rs 431.4 crore.
With a small growth in the number of transactions, the average amount per transaction for BHIM has been on the increase. In August,the average amount per transaction was Rs 4,165.