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BHIM’s 14M transactions accounted only for 2% of UPI payments in January 2019

The number of transactions on the Bharat Interface for Money (BHIM) UPI app was 14 million for the month of January 2019, down 18% from 17.1 million last month. The total value of the transactions stood at Rs 6,202.5 crore, down 18.3% from Rs 7,589.2 crore in December 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 672.8 million UPI transactions in January 2019, with Rs 109,932 crore being transacted. Thus, BHIM processed only 2.1% of all UPI transactions and accounted for 5.6% of the amount transacted in January. In the previous month, BHIM had processed 2.8% of all UPI transactions and accounted for 7.4% of the amount transacted.

The Economic Times reported that of all the UPI transactions in October 2018, Paytm had processed 180 million. In July 2018, Phonepe accounted for 40% of the UPI transactions. 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 40.7 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 declined by 3.1 million in January 2019 – the highest addition was in June 2018 – while the total amount transacted was down by Rs 1,386.7 crore. In the previous month (December 2018), the number of transactions went down 0.29 million and the amount transacted decreased by Rs 392.6 crore.

With a huge decline in the transactions and amount transacted, the average amount per transaction for BHIM has been on the decrease. In January, the average amount per transaction was Rs 4,436.7.

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