With the coronavirus crisis and lockdown, transactions numbers on the Bharat Interface for Money (BHIM) UPI app fell 34.5% to 11.17 million in April 2020, from 17.05 million in March. The total value of the transactions fell 33% to Rs 4,028.9 crore, from Rs 6,049.2 crore in March, according to data provided by the National Payments Corporation of India (NPCI). NPCI is a bank-owned organisation that runs the Unified Payments Interface (UPI), among other services. PhonePe processed 380 million transactions in August 2019. In May 2019, Google Pay had reported 240 million transactions, Flipkart-owned PhonePe around 230 million, and Alibaba-owned Paytm 200 million in transactions, according to the Economic Times. There were 999.6 million UPI transactions in April 2020, and Rs 151,141 crore were transacted. Thus, BHIM processed only 1.1% of all UPI transactions and accounted for 2.7% of the…
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