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…
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