11.8 C
New York
Tuesday, December 1, 2020
Home Stories After flat growth for 4 months, BHIM UPI value rises by 16%...

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.

Source: Entrackr

To Read Our Daily News Updates, Please visit Inventiva or Subscribe Our Newsletter & Push.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

The Negative Report Of “RT-PCR Diagnostic Test” Is Mandatory For Travelers! Delhi Slashes The Cost Of RT-PCR Testing for “COVID-19”

As the number of coronavirus cases is increasing every day, many states have mandated a negative RT-PCR diagnostic test report for travelers from Delhi-NCR...

Another MiG-29 Crash, is it time that the Russian Fighter Jets are bid a farewell?

In another tragedy, involving a MiG-29K trainer aircraft crashed in the Arabian Sea on Thursday.  While the one pilot was rescued, the Indian Navy launched...

Get Ready: The Big Bash League is around the corner

With almost nine successful running years, the Big Bash League is back and is all ready to take off on the tenth of December...

GST revenue at Rs 1.04 lakh cr in November

Revenue from Goods and Services Tax (GST) stood at over Rs 1.04 lakh crore in November as against Rs 1.05 lakh crore collected in...

Recent Comments

%d bloggers like this: