wordpress blog stats
Connect with us

Hi, what are you looking for?

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…

Please subscribe/login to read the full story.
Written By

Free Reads

News

The service from the tie-up will initally be launched at Bengaluru, Bhubaneswar, Vijayawada and Visakhapatnam railway stations

News

The Minister's response came after an X user posted answers generated by Gemini regarding Prime Minister Narendra Modi.

News

Vaishnaw said that in the next five years, there will be significant disruptions in the way telecom technology operates.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

News

RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ