The volume of United Payments Interface (UPI) transactions jumped 38 times year-on-year (y-o-y) to 151.83 million in January 2018. The value of UPI transactions grew over nine-fold y-o-y to Rs 15,571 crore.
The volume of United Payments Interface (UPI) transactions jumped 38 times year-on-year (y-o-y) to 151.83 million in January 2018. The value of UPI transactions grew over nine-fold y-o-y to Rs 15,571 crore, according to data released by the National Payments Corporation of India.
The volume of transactions made using BHIM rose 5.5% month-on-month (m-o-m) to 9.57 million, while their value rose 21% to Rs 3,083 crore. The share of transactions made through the Bharat Interface for Money (BHIM) app in the overall pie of UPI payments remained stable at over 6% in January. December 2017 had seen the share of the payments app shrink to 6% from 8% in November, after payments player Paytm introduced the payment mode on its platform.
During the three months to November, BHIM’s contribution to UPI volumes slipped to 8% from 45% as Google India entered the UPI fray with its Tez app, loaded with cashbacks and other freebees.
Launched on December 31, 2016, BHIM was developed by the NPCI to popularise its UPI channel, which had been languishing since its launch in August 2016. It consistently accounted for 45% of all UPI transactions by volume for much of 2016. That changed with the launch of Google India’s Tez app in September, which used cashbacks and other freebees to garner a large number of users soon after launch. According to the company, Tez accounted for 69.5% of all UPI transactions in November.