The volume of transactions made using the BHIM app nearly doubled during the first quarter of FY18 from the previous quarter, even as the number of fresh downloads of the app slipped to a fourth sequentially, according to National Payments Corporation of India.
The volume of transactions made using the Bharat Interface for Money (BHIM) app nearly doubled during the first quarter of FY18 from the previous quarter, even as the number of fresh downloads of the app slipped to a fourth sequentially, according to National Payments Corporation of India. The number of transactions on BHIM rose to 11.8 million during the quarter ended June from the aggregate 6.2 million clocked between December 31 – the day the app was launched – and March 30. During the same period, fresh downloads slipped to 3.4 million from 12.5 million as the app found a certain critical mass of users. Data available on the NPCI’s website suggest that payments on the Unified Payments Interface (UPI) channel are seeing a shift in favour of the BHIM app. While the overall value of UPI transactions rose to Rs 8,073.27 crore in the June quarter from Rs 6,843.18 crore during the August-March period, the value of transactions made on UPI platforms other than BHIM dropped to Rs 4,278.35 crore in the first quarter of the current fiscal from Rs 4,848 crore in the quarter ended March.
The UPI as a mode of retail digital payments has continued to grow even after the demonetisation exercise was completed, along with other digital modes of payment. Transaction values on the channel have jumped exponentially to Rs 3,070 crore in June from Rs 90.52 crore in November.
Compared to that, prepaid payment instruments (PPIs) clocked Rs 10,371 crore in April – the last month for which industry-wide data is available – more than twice the Rs 5,010 crore worth of transactions it had witnessed in November.
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The value of transactions at point-of-sale (PoS) machines rose 22% between November and April to Rs 70,625 crore. The Immediate Payment System (IMPS) grew 73% in transaction values to Rs 56,206 crore between November and April. National Electronic Fund Transfer grew 38% to Rs 12.16 lakh crore during the same period.