Money & Banking

Three years after note ban, UPI sees more than Rs 20-lakh cr transactions

AJ Vinayak Mangaluru | Updated on November 08, 2019 Published on November 08, 2019

File photo   -  S_R_Raghunathan

More than three-fourths of transactions took place in last one year

Smartphone users in India transacted more than ₹20.82-lakh crore on their mobile devices using the Unified Payment Interface (UPI) platform of the National Payments Corporation of India (NPCI) since demonetisation in November 2016. With this, the number of transactions crossed 1,239.75 crore during this period.

Of the ₹20.82-lakh crore transacted on UPI since November 2016, around ₹16.29-lakh crore was done between November 2018 and October 2019. The platform has been witnessing transactions of over ₹1-lakh crore every month since December 2018. In fact, the amount transacted on the UPI reached an all-time high of ₹1.91-lakh crore in October alone.

Of the 1,239.75 crore transactions in three years, around 940.54 crore transactions took place between November 2018 and October 2019. It crossed 100-crore transactions in October this year.

The number of banks participating on this platform has also increased in the last three years. At the time of demonetisation, 30 banks were live on the UPI platform. By the end of October this year, 141 banks were live on the UPI platform.

BHIM’s share down

With the entry of more private participants such as Google Pay and PhonePe on the UPI platform over the years, the share of the Bharat Interface for Money (BHIM) app in the overall UPI ecosystem has come down.

Launched by the NPCI in December 2016, BHIM had a share of around 25 per cent in terms of the number of transactions and 39 per cent of the amount transacted between December 2016 and October 2017.

However, the share of BHIM in the UPI ecosystem stood at 2 per cent (number of transactions) and 4.77 per cent (amount transacted) between November 2018 and October 2019. BHIM users transacted around ₹1.36-lakh crore in 34.3 crore transactions between December 2016 and October 2019.

In a blog post in August, PhonePe app, which runs on the UPI platform, said that it clocked 33.5 crore transactions in July 2019. However, the share of BHIM was 1.68 crore during that month. The total number of transactions on the entire UPI platform stood at 82.2 crore during July this year.

Published on November 08, 2019
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