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BHIM’s 12.8M transactions accounted for only 1.9% of UPI payments in February 2019

The number of transactions on the Bharat Interface for Money (BHIM) UPI app was 12.8 million for the month of February 2019, down 8% from 14 million last month. The total value of the transactions stood at Rs 5,624.2 crore, down 9.3% from Rs 6,202.5 crore in January 2019, 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 674.2 million UPI transactions in February 2019, with Rs 106,737.1 crore being transacted. Thus, BHIM processed only 1.9% of all UPI transactions and accounted for 5.3% of the amount transacted in February. In the previous month, BHIM had processed 2.1% of all UPI transactions and accounted for 5.6% of the amount transacted.

The Economic Times reported that of all the UPI transactions in January 2019, Paytm had processed 220 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 109 banks, down from 128 as compared to the previous month, and has seen over 43.5 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 1.15 million in February 2019 – the highest addition was in June 2018 – while the total amount transacted was down by Rs 578 crore. In the previous month (January 2019), the number of transactions went down by 3.08 million and the amount transacted decreased by Rs 1,386.7 crore.

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With a huge decline in the transactions and amount transacted, the average amount per transaction for BHIM has been on the decrease. In February, the average amount per transaction was Rs 4,384.

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