Jai BHIM: UPI Blazes A Glorious Trail, Processes 1.32 Billion Transactions In February

Unified Payments Interface (UPI) surpassed all previous records, both in terms of transaction value and volume, in February by registering a total of 132.32 crore transactions worth Rs 2.2 lakh crore, The Hindu Business Line reported.

The numbers for February also represents a significant improvement from January, when UPI transactions stood at 130.5 crore amounting to Rs. 2.16 lakh crore.

National Payments Corporation of India (NPCI) - owned digital payments platform registered 1.32 billion transactions worth Rs 2.21 trillion (Rs 2,21,995 crore) in February — the highest ever figure for a month in terms of volume as well as value since its launch in 2016.

In October 2019, UPI breached the threshold of 1 billion transactions in a month.

Currently , Google Pay, PhonePe and Paytm control over 90 per cent of the UPI market share.

BHIM and other third-party apps such as Amazon Pay, FreeCharge, MobiKwik and WhatsApp Pay (currently available for select users) together constitute little over 5% of the market share in the UPI ecosystem.

BHIM had processed 1.85 crore transactions in January, totalling Rs 6,611.22 crore. In December 2019. BHIM had processed 1.78 crore transactions, amounting to Rs 6,316.37 crore. The BHIM transactions for February are not available.

Transactions through the Immediate Payment Service (IMPS), however, declined in the month of February. In all, 24.78 crore transactions, involving Rs 2.14 lakh crore, took place through IMPS in February. In comparison, IMPS touched a record high of 25.95 crore transactions in January, totalling Rs 2.16 lakh crore.