The number of transactions on Bharat Interface for Money (BHIM) UPI app was 9.6 million for the month of January 2018, and the total value of the transactions stood at Rs 3,647.2 crore. This was marginally up from transactions of 9.1 million worth Rs 3,083.2 crore in December 2017. However, when the massive growth in UPI payments is taken into consideration, it is actually a decline.
There were 151.8 million UPI transactions in January, with Rs 15,571 crore being transacted. Thus, BHIM processed only 6.32% of all UPI transactions and accounted for 23.42% of the amount transacted in January, which almost identical to December 2017. Note that we don’t have the data for UPI transactions on PhonePe for January 2018. In December 2017, PhonePe accounted for 15% of all UPI transactions. On the other hand, Google Tez had reported 140 million transactions for the months of October and November 2017 since launch, apart from 12 million users. It’s likely that the battle is now between Tez and PhonePe, apart from the cashback transactions which Tez hasn’t accounted for.
Following the launch of Google Tez on September 18, 2017, there was significant increase in the number of UPI transactions, which now seems to have plateaued. There was a 149% growth between September-October 2017, 37% growth between October-November 2017, 39% growth between November-December 2017, and just a 4% growth between December 2017 and January 2018.
In January 2018, number of transactions using BHIM grew to 9.6 million, up 6% from 9.1 million last month, while amount transacted also increased to Rs 3,647 crore with a growth of 18%, 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). UPI doesn’t allow wallets, in order to give banks a competitive advantage.
Currently, BHIM is live on 67 banks and has seen over 23 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 by a half million in January 2018 while the total amount transacted was up by Rs 564 crore. In the previous month (December 2017), the number of transactions added over 0.85 million, and the amount transacted had grown by Rs 534 crore.
With a little growth in the number of transactions, the average amount per transaction for BHIM has been on the increase. In January, the average amount per transaction was Rs 3,811.