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BHIM transactions ⁠— accounting for just 1% of all UPI payments ⁠— fall by a third in April

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 amount transacted in April. In the previous month, BHIM had accounted for 1.4% of all UPI transactions and processed 2.9% of the amount transacted.


Currently, BHIM is live on 130 banks, which is remained stagnant from three consecutive months and has seen over 136 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.


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In terms of net additions, the number of transactions for BHIM sharply declined by 5.9 million in April 2020 – the highest addition was in December 2019 – while the total amount transacted went down by Rs 2,020.3 crore. In the previous month (March 2020), the number of transactions went down by 1.4 million and the amount transacted decreased by Rs 474.9 crore.

With more decrease in the number of transactions, the average amount per transaction for BHIM has been on the increase. In April, the average amount per transaction was Rs 3,607.

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