UPI transactions reach 171.4 million for the month of February

The total amount transacted in 171.4 million transaction was Rs 19,126.

The total amount of Unified Payment Interface based transactions for the month of February, 2018 was Rs 19,126. The total number of transactions also increased to 171.4 million during the same period.  The transactions on Bharat Interface for Money (BHIM) app for the month of February was valued at Rs 4,011 crore with the total number of transactions reaching 9.9 million on the app according to data released by National Payment Council of India. 

In January this year, the total  number of transactions on BHIM app were 9.6 million reaching a value amounting to Rs 3,647 crore. This increase could be attributed to new entrants in the market such as Google’s Tez app and WhatsApp Payment option. 

BHIM at constant while Phonpe and Paytm increase

In total, 5.8 percent of all the UPI transactions for the month of February were processed by BHIM, accounting for 21 percent of the total amount transacted. However, during the same period, PhonePe (owned by Flipkart) was used to transact 16 percent of all total UPI transactions. On the other hand, Paytm accounted for 40 percent of the transactions. 

Tez catching up

Google Tez had reported 140 million transactions for a period of two months of October and November 2017 by 12 million users. However, the higher numbers could be because of the referral scheme that the company is currently offering.

Interestingly, in the month following the launch of Tez, there was a huge spike in UPI transactions in India. The increase was 149 percent in September-October 2017. The following month the growth was 37 percent and 39 percent in November. However, Since December, the growth was just 4 percent. The effect seems like one in which users experimented with a new option and then the growth flatlined. The next month will reflect the numbers of new entrant Whatsapp Payments also.