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BHIM saw 14.2M transactions in May 2018 accounting for only 7.5% of UPI payment

The number of transactions on Bharat Interface for Money (BHIM) UPI app was 14.2 million for the month of May 2018, up 12% from 12.6 million last month, and the total value of the transactions stood at Rs 5,748.5 crore, up 16% from Rs 4,972,7 crore in April 2018, 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).

There were 189.5 million UPI transactions in May, with Rs 33,288.5 crore being transacted. Thus, BHIM processed only 7.5% of all UPI transactions and accounted for 17.3% of the amount transacted in May. In April, BHIM had processed only 6.6% of all UPI transactions and accounted for 18.4% of the amount transacted in April.

In February, PhonePe said accounted for 16% of all UPI transactions, whereas Paytm claimed that it accounted for 40% of all UPI transactions. There’s no updated data from them. There is also no data available on Whatsapp payments since its initial launch.

 

Currently, BHIM is live on 92 banks and has seen over 28 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 1.56 million in May 2018, while the total amount transacted was up by Rs 775.8 crore. In the previous month (April 2018), the number of transactions added 0.65 million, and the amount transacted had grown by Rs 133 crore.

With a growth in the number of transactions, the average amount per transaction for BHIM has been on the increase. In May, the average amount per transaction was Rs 4,059.7 .

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