wordpress blog stats
Connect with us

Hi, what are you looking for?

BHIM saw 6.8M transactions in August 2017 accounting for 41% of UPI payments

The Bharat Interface for Money (BHIM) UPI app saw transactions of 6.8 million for the month of August 107, and transactions worth Rs 1,898.6 crore. There were 16.6 million UPI transactions in August, with Rs 4,127 crore being transacted. Thus, BHIM processed 41% of all UPI transactions and accounted for 46% of the amount transacted in August.


In August 2017, Number of transactions using BHIM increased by 25% to 6.8 million from 5.4 million last month, while amount transacted also increased to Rs 1,898 crore with a growth of 19%, according to data provided by  the National Payments Corporation of India. The NPCI is the bank-owned organization that runs the Unified Payments Interface (UPI). UPI doesn’t allow wallets, in order to give banks a competitive advantage.

Currently, BHIM is live on 55 banks and has seen over 18 million app downloads. However, the National Payments Corporation of India (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.

Also read: Why is the government funding BHIM? Other issues

In terms of net additions, the number of transactions for BHIM grew by 1.4 million in August 2017 while the total amount transacted was up by Rs 298.5 crore. In the previous month (July 2017), number of transactions had increased by 0.8 million, and the amount transacted had grown by Rs 113.4 crore.

With growth in the number of transactions, the average amount per transaction for BHIM has been on the decline. In August 2017, average amount per transaction  was Rs 2,789. A half year ago it had been Rs 3,163.

You May Also Like


Non-bank lender Bajaj Finance is planning to enter the competitive Unified Payments Interface (UPI) market with its own third-party app called Bajaj Pay. The...


The COVID-19 pandemic shut businesses and restricted people from normal activity for several months in 2020. But in the wake of the lockdown, digital...


The Indian government has amended the internet shutdown rules, formally known as the Temporary Suspension of Telecom Services Rules, to restrict the validity of...


The National Payments Corporation of India (NPCI) plans to diversify its shareholding by on-boarding 131 new partners and raise ₹81.64 crore in equity share...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ