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BHIM saw 9.9M transactions in February 2018 accounting for only 5.8% of UPI payments

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…

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