UPI transactions slightly improved in Feb; BHIM continues to fall

UPI transaction volume in February almost replicated the previous month footprints. The NPCI-controlled unified payment railroad has recorded 674.19 million transactions amounting to Rs 1,06,737.12 crore in February.

The figure for the previous month was 672.75 million worth Rs 1,09,932.43 crore.

Factoring that the month had 28 days, UPI still managed to post an improved figure. The average transaction volume in January was 21.70 million while it was 24.07 million transactions on daily basis in February.

The growth in the daily transaction recorded at 10.95 per cent whereas transaction value hiked by 7.49 per cent. Importantly, this is the third back to back time for UPI when it crossed Rs 1 trillion in transaction value.

Cashless transactions have now become simpler and convenient thanks to BHIM UPI. February transaction count for 28 days with daily average transaction growth of approx.10.95%.@dilipasbe#DigitalIndia #InstantPayments #HighOnUPI #NPCI pic.twitter.com/FQgqS16Nzh

— BHIM (@NPCI_BHIM) March 1, 2019

Meanwhile, the government-owned BHIM witnessed another slump down in transaction volume as well as value. With 12.83 million transactions worth Rs 5624.21 crore, BHIM recorded an 8.22 per cent downfall in the volume of the transaction as compared to 13.98 million transactions processed in January.

Last month, we reported how technical glitches attracted the wrath of many BHIM users for the past couple of months.

Apart from the aforementioned entities, NPCI-owned inter-bank electronic funds transfer system IMPS recorded a continuous growth with 166.37 million transactions amounting to 1,49,342.60 crore. Following the past trend, the transaction value via IMPS is again greater than UPI.

Currently, 139 banks and private players like Paytm, PhonePe, Mobikwik, FreeCharge, Google Pay among others are live on UPI.

Last month, it was reported that Paytm alone clocked 221 million transaction volume in January followed by PhonePe and Google Pay that recorded about 220 million UPI transaction each.

The question over the monthly transactions (in January) by the trio remained under scanner as they collectively put 661 million transactions excluding BHIM that posted over 13 million transactions. It means other UPI-enabled players have failed to garner users on their UPI-enabled platform. Is it?