BHIM volume falls for third straight month

The volume of transactions made through the Bharat Interface for Money (BHIM) app fell on a month-on-month (m-o-m) basis for the third straight month in February, with the share of the app in the Unified Payments Interface (UPI) pie slipping to under 2%.
As per data released by the National Payments Corporation of India (NPCI) on Friday, users of BHIM made 12.83 million payment transactions, down 8% M-o-M, worth `5,624.21 crore, down 9% M-o-M, during February.

The total number of UPI transactions during the same month was 674.19 million and their value added up to `1.07 lakh crore. The rate of M-o-M growth in UPI transactions was a muted 0.2%, while the value of transactions actually dropped 3% from its January level.
BHIM was developed by the NPCI and launched on December 31, 2016 at the peak of the demonetisation exercise. The launch of the app was aimed at pushing the use of UPI as a channel and non-cash payments in general.