The number of transactions on Bharat Interface for Money (BHIM) UPI app was 9.9 million for the month of February 2018, and the total value of the transactions stood at Rs 4,011 crore. This was marginally up from transactions of 9.6 million worth Rs 3,647 crore in January 2018. However, when the massive growth in UPI payments is taken into consideration, it is actually a decline.
There were 171.4 million UPI transactions in February, with Rs 19,126 crore being transacted. Thus, BHIM processed only 5.8% of all UPI transactions and accounted for 21% of the amount transacted in February, which almost identical to January 2018. In February 2018, PhonePe accounted for 16% of all UPI transactions with 6 million unique customers, whereas Paytm responsible for 40% of all UPI transactions.
PhonePe had some interesting comments to make on Paytm’s massive lead when counting the number of transactions.PhonePe said while Paytm “seems to be leading the market” in terms of the number of transactions, the average value of such transactions is much lower at Rs 38 compared to its own average transaction value of Rs 1,820. 

The average PhonePe customer does about five transactions per month, while for Paytm that number is 525. The blog post claimed that the high number of transactions on Paytm was “simply not representative of normal user behaviour on the UPI network.”

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 a 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 February 2018, the number of transactions using BHIM grew to 9.9 million, up 4% from 9.6 million last month, while amount transacted also increased to Rs 1,011 crore with a growth of 10%, 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 78 banks and has seen over 25 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 0.31 million in February 2018 while the total amount transacted was up by Rs 364 crore. In the previous month (January 2018), the number of transactions added a half million, and the amount transacted had grown by Rs 564 crore.
 
With a little growth in the number of transactions, the average amount per transaction for BHIM has been on the increase. In February, the average amount per transaction was Rs 4,060.