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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.

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