wordpress blog stats
Connect with us

Hi, what are you looking for?

BHIM’s 17.2M transactions accounted for only 1.8% of UPI payments in September 2019

The number of transactions on the Bharat Interface for Money (BHIM) UPI app was 17.2 million in September 2019, up by 2% from 16.89 million last month. The total value of the transactions stood at Rs 5,924 crore, down 3.4% from Rs 6,132 crore over August, according to data provided by the National Payments Corporation of India (NPCI). NPCI is a bank-owned organization that runs the Unified Payments Interface (UPI), among other services. PhonePe processed 380 million transactions in August 2019. In May 2019, the Economic Times reported that Google Pay reported 240 million transactions, Flipkart-owned PhonePe reported around 230 million, and Alibaba owned Paytm reported 200 million in transactions. There is no data available on WhatsApp payments regarding its ongoing pilot. There were 955 million UPI transactions in September 2019, with Rs 161,457 crore being transacted. Thus, BHIM processed only 1.8% of all UPI transactions and accounted for 3.7% of the amount transacted in August. In the previous month, BHIM had accounted for 1.8% of all UPI transactions and processed 4% of the amount transacted. Currently, BHIM is live on 119 banks, which is slightly up over the previous month, and has seen over 50 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 0.3 million in September 2019 – the highest addition was…

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

Free Reads

News

Telecom companies are against a regulatory sandbox, as they think information revealed by businesses during the sandboxing process might be confidential should be out...

News

According to a statement, the executive body of the European Union had also sought internal documents on the risk assessments and mitigation measures for...

News

The newly launched partially open-sourced LLM Grok-1 can be commercially used but not trademarked.

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

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

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?...

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