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BHIM’s 18.3M transactions accounted only for 4% of UPI payments in October 2018

The number of transactions on the Bharat Interface for Money (BHIM) UPI app was 18.3 million for the month of October 2018, up from 16.3 million last month. The total value of the transactions stood at Rs 8,206 crore, up 16% from Rs 7,064.9 crore in September 2018, according to data provided by the National Payments Corporation of India (NPCI). The NPCI is the banks-owned organization that runs the Unified Payments Interface (UPI).

There were 482.4 million UPI transactions in October, with Rs 74,978 crore being transacted. Thus, BHIM processed only 3.8% of all UPI transactions and accounted for 10.9% of the amount transacted in October. In the previous month, BHIM had processed 4% of all UPI transactions and accounted for 12.7% of the amount transacted.

The Economic Times reported that 180 million of UPI transactions were on Paytm in October. In July 2018, Phonepe were accounted for 40%. In June 2018, Google Tez accounted for 22% of all UPI transactions. There is no data available on WhatsApp payments since its initial launch.

Currently, BHIM is live on 128 banks and has seen over 37 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 1.94 million in October 2018 – the highest addition was in June 2018, while the total amount transacted was up by Rs 1141.5 crore. In the previous month (September 2018), the number of transactions went down 0.17 million and the amount transacted had grown by Rs 192.3 crore.

With a large growth in the amount transacted, the average amount per transaction for BHIM has been on the increase. In October, the average amount per transaction was Rs 4,491.7 .

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