UPI crosses Rs 1.5 trillion transaction value mark in May; BHIM remains flat

Unified payments interface (UPI) has reached a new milestone of clocking Rs 1,52,449.29 crore (Rs 1.52 trillion) worth transaction in May. The transaction volume, however, was recorded low in comparison to April.

In April, UPI registered 781.79 million transactions amounting to Rs 1,42,034.39 crore whereas it was 733.54 million transactions in May.

Cashless transactions have now become simpler and convenient thanks to BHIM UPI.#DigitalIndia #InstantPayments #HighOnUPI #NPCI #BHIMUPI @dilipasbe pic.twitter.com/gv7rQUy35s

— BHIM (@NPCI_BHIM) June 1, 2019

NPCI-regulated inter-bank electronic funds transfer system (IMPS) has also witnessed similar improvement where transaction value increased from Rs 1,69,197.08 crore in April to Rs 1,80,456.44 crore in May while the transaction value decreased from 185.04 million to 183.33 million.

Meanwhile, government regulated BHIM has maintained flat growth with 15.77 million transactions worth Rs 6,627.42 crore.

In the last two-three months, non-banking players like Google Pay, Paytm and PhonePe have witnessed a reshuffle in terms of the transaction volume as well as value.

While Paytm and PhonePe led the race to gather the highest market share in UPI, offshore player Google Pay has changed the metrics by clocking more transaction than the two home-grown players in terms of value.

The Google-owned UPI payment app did transactions worth Rs 49,700 crore in April. On the other hand, PhonePe was at second number with a transaction value of Rs 42,610 crore whereas Paytm registered transactions worth Rs 35,500 crore

However, in terms of volume of transaction, PhonePe leads with 258 million transactions. Google Pay and Paytm are estimated to do transaction between 230 million to 240 million.

The transaction figure of the trio for May is yet to come.

Apart from the aforementioned players, WhatsApp trying hard for more than a year to launch its UPI-based payment service in the country.

Amazon and Xiaomi-owned MiPay are two other overseas companies that offer p2p transaction under UPI umbrella.