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BHIM saw 16.3M transactions in June 2018 accounting for only 6.6% of UPI payment

The number of transactions on Bharat Interface for Money (BHIM) UPI app was 16.3 million for the month of June 2018, up 15% from 14.2 million last month, and the total value of the transactions stood at Rs 6,261 crore, up 9% from Rs 5,748.5 crore in May 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 246.4 million UPI transactions in June, with Rs 40,834 crore being transacted. Thus, BHIM processed only 6.6% of all UPI transactions and accounted for 15.3% of the amount transacted in June. In the previous month, BHIM had processed 7.5% of all UPI transactions and accounted for 17.3% of the amount transacted.

Economic Times reported that Paytm accounted for 38% of all UPI transactions, followed by Google Tez with 22% of UPI transactions in June 2018. In February, PhonePe claimed that it accounted for 16% of all UPI transactions. There is no data available on WhatsApp payments since its initial launch.

Currently, BHIM is live on 92 banks and has seen over 30 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 2.18 million in June 2018 – highest addition ever, while the total amount transacted was up by Rs 512.8 crore. In the previous month (May 2018), the number of transactions added 1.56 million, and the amount transacted had grown by Rs 775.8 crore.

With a growth in the number of transactions, the average amount per transaction for BHIM has been on the increase. In June, the average amount per transaction was Rs 3,832.

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