The Bharat Interface for Money (BHIM) UPI app saw transactions of 7.6 million for the month of October 2017, and transactions worth Rs 2,348.7 crore, actually declining when there was massive growth in UPI payments.
There were 76.7 million UPI transactions in October, with Rs 7,057.8 crore being transacted. Thus, BHIM processed only 10% of all UPI transactions and accounted for 33% of the amount transacted in October. Remember that BHIM has remained stagnant month-on-month, and this is the period during which Google Tez has launched. We don’t have data for PhonePe, but give Google’s claim that Tez did 30 million transactions in 5 weeks starting September 18th 2017, it’s likely that the battle is now between Tez and PhonePe, apart from the cashback transactions which Tez hasn’t accounted for.
In October 2017, Number of transactions using BHIM slightly increased to 7.63 million from 7.6 million last month, while amount transacted also increased to Rs 2,348.7 crore with a growth of 5%, 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 59 banks and has seen over 20 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.
In terms of net additions, the number of transactions for BHIM grew by 0.03 million in October 2017 while the total amount transacted was up by Rs 103.4 crore. In the previous month (September 2017), number of transactions had increased by 0.8 million, and the amount transacted had grown by Rs 346.7 crore.
With a little growth in the number of transactions, the average amount per transaction for BHIM has been on the increase. In October 2017, average amount per transaction was Rs 3,077.