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BHIM UPI Product Statistics from 2016 to 2024

UID: ST-20240930-IN-03

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Meta Data

Source

National Payments Corporation of India

Last Updated

September 30, 2024

Time Range

2016-2024

Periodicity

Monthly

Overview

Bharat Interface for Money (BHIM) is a simple, secure, and reliable mobile payment application that facilitates seamless and instant transactions between bank accounts using the Unified Payments Interface (UPI). Launched by the National Payments Corporation of India (NPCI) in December 2016, BHIM has become a cornerstone of India’s digital payment ecosystem, offering individuals an efficient way to send and receive money without physical banking. Designed to promote financial inclusion and drive India towards a cashless economy, the app enables users to make bank-to-bank payments with just a few clicks using a mobile number or Virtual Payment Address (VPA), also known as UPI ID.

 

 

Trends & Insights

BHIM was launched in December 2016, as evidenced by the first data point showing just 0.04 million transactions valued at 1.85 crores. After that, the usage of BHIM increased rapidly. In March 2024, the platform processed 29.87 million transactions worth ₹ 8,319.37 crores, representing an astronomical increase in both volume and value over these 7 years. One of the most striking aspects of BHIM’s growth is the continuous increase in participating banks. From 31 banks in December 2016, the number grew to 421 banks by March 2024. This expansive network of participating banks has undoubtedly contributed to BHIM’s widespread adoption and usage across diverse demographics and geographies in India. The growth trajectory of BHIM can be divided into several phases. The initial phase, from launch to mid-2017, saw explosive growth as the platform gained traction. Transaction volumes grew from 0.04 million in December 2016 to 4.62 million by June 2017, a growth of over 11,000% in just six months due to the strong government push and public interest in the new platform. From mid-2017 to 2019, BHIM experienced steady growth in both transaction volumes and values, and in December 2019, the platform handled 17.82 million transactions worth ₹ 6,316.37 crores. This phase represents the consolidation and widespread adoption of BHIM across India.

The COVID-19 pandemic had a noticeable but short-lived impact on BHIM usage. April 2020 saw a dip in transactions to 13.9 million due to the nationwide lockdown. However, the recovery was swift, and by July 2020, transaction volumes surpassed pre-pandemic levels, indicating the crucial role of digital payments during this period. Post-2020, BHIM showed consistent growth as monthly transaction volumes regularly exceeded 20 million, and values often surpassed 7,000 crores. This steady growth suggests that BHIM has become integral to India’s digital payment ecosystem. Interestingly, while transaction volumes have grown substantially, the average value per transaction has remained relatively stable over the years, hovering around 2,500-3,000 rupees. This suggests that BHIM was consistently used for small to medium-sized transactions, aligning with its goal of facilitating everyday digital payments for the masses. The data also reveals some seasonality in BHIM usage, with slight dips often observed in the months of June and July and peaks around October to December. This pattern could be related to festival seasons and end-of-year economic activities in India. The number of participating banks associated with BHIM increased significantly from June 2023 to March 2024, from 282 to 421. This quick increase in bank participation might signal a new stage of BHIM’s development, one that is fuelled by potential regulatory adjustments or heightened initiatives to advance digital financial inclusion.

In conclusion, the BHIM statistics from 2016 to 2024 tell us a story of successful digital financial innovation in India. From a nascent platform to a significant player in the digital payment space, BHIM has shown remarkable adoption, usage, and institutional participation growth. This growth reflects the increasing digitalization of financial transactions in India and underscores the success of government initiatives in promoting digital payments. As BHIM continues to evolve, it is likely to play an increasingly important role in India’s journey towards a less-cash economy and greater financial inclusion.

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Citation

Please cite this article using proper attribution to 360 Analytika when referencing or sharing our content.

National Payments Corporation of India. (n.d.). BHIM product statistics from 2016 to 2024 (360 Analytika, Ed.) [Dataset]. 360 Analytika. https://360analytika.com/bhim-product-statistics/

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