The number of transactions on Bharat Interface for Money (BHIM) UPI app was 11.95 million for the month of March 2018, and the total value of the transactions stood at Rs 4,839.7 crore. This was up from transactions of 9.9 million worth Rs 4,011 crore in February 2018. However, when the massive growth in UPI payments is taken into consideration, it is actually a decline.
There were 178.1 million UPI transactions in March, with Rs 24,172.6 crore being transacted. Thus, BHIM processed only 6.7% of all UPI transactions and accounted for 20% of the amount transacted in March. In previous month, PhonePe accounted for 16% of all UPI transactions, whereas Paytm claimed that it accounted for for 40% of all UPI transactions. It’s likely that the battle is now between Paytm, Tez and PhonePe, apart from the cashback transactions which Tez hasn’t accounted for. There’s no data available on Whatsapp payments since its initial launch.
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 March 2018, the number of transactions using BHIM grew to 12 million, up 21% from 9.9 million last month, while amount transacted also increased to Rs 4,839.7 crore with a growth of 20.7%, 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 82 banks and has seen over 26 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 2.07 million in March 2018, while the total amount transacted was up by Rs 828.5 crore. In the previous month (February 2018), the number of transactions added 0.31 million, and the amount transacted had grown by Rs 364 crore.
With a little growth in the number of transactions, the average amount per transaction for BHIM has been on the increase. In March, the average amount per transaction was Rs 4,050.