After flat growth for 4 months, BHIM UPI value rises by 16% in October

After experiencing flat growth of four months in UPI transaction volume, the government-promoted BHIM has once again proved its strength. With over 16 per cent growth, it processed the value worth Rs 8,206.37 in October.

This comes after UPI transaction data of October where the NPCI-owned payments interface crossed 482 million transactions worth Rs 74,978.27.

In terms of transaction value, BHIM has recorded 18.27 million in October, a 12 per cent increase from the previous month. In September, BHIM registered 16.33 million transactions worth Rs 7,064.86 crore.

In digital payments space where Paytm, PhonePe, and Google Pay have been leading the show in terms of volume and number downloads, BHIM reflects 35.5 million Android download and 1.7 million iOS downloads till September 2018.

Recently, Paytm has once again bounced back and grabbed the largest transaction share in UPI payments. With about 180 million transactions, the Alibaba-backed company has over 37 per cent UPI transaction share in October. However, it did not disclose the transaction value it received via UPI in last month.

Flipkart-backed PhonePe has recorded 55 per cent of all the transactions on the platform via UPI during the recently concluded festival sale (primarily, BigBillion Days). It's yet to reveal transaction data for October. Similarly, Google Pay and other UPI-enabled payments firms also did not unveil their UPI transaction figure.

Besides, the number of banks go live on UPI platform now reaches 128 as of October 2018.

Meanwhile, NPCI has revised the number of peer-to-peer (P2P) transactions to 10 from 20. While it's unclear how it has been impacting the apps, it's expected to hit the transaction volume in the coming month. Earlier, the regulatory body had refrained UPI transaction within same account or UPI id to avoid false transactions via its platform.