BHIM UPI records 149% month-on- month growth in transaction volume; heres why
National Payments Corporation of India (NPCI) is proud to announce that Bharat Interface for
Money (BHIM) – Unified Payments Interface (UPI), the revolutionary platform for sending and receiving
money has achieved transactions over 76 million in October 2017 recording a growth of 149 per cent
compared with the previous month.
The growth of BHIM UPI is due to consumer acceptance, support from 60 banks live with BHIM UPI, over
40 UPI bank apps, third party apps from Google, PhonePe and acceptance of this platform among the
huge number of merchants.
BHIM UPI is gaining popularity among millions of people due to the convenience offered to users. Thirty
year old sales professional Ms. Debra D’Cruz is a regular user of this app. “BHIM UPI is a blessing for
mobile payments. It is so fast, seamless and easy. I started using UPI through my bank’s mobile app and
has been using it along with BHIM app for payments across banks, ordering food, shopping online and
what not. I have used payments through UPI on Flipkart for shopping and on Foodpanda for ordering
food. Our generation wants everything fast and this app helps save us so much time, it’s a blessing to
people like me!” said Ms. D’Cruz. BHIM app helps send money to anyone in a contact list having a valid
BHIM UPI works 24X7 and 365 days in a year through which money can get transferred directly to the
user’s bank account. The other useful feature is that one can even initiate a collect request for funds to
any BHIM UPI user. Besides these, customer can simply use the ‘Scan & Pay’ feature to make payment
across several local stores. The simplicity of this platform is that one needs to just create UPI ID and
there is no need to remember details like account number or IFSC of the bank.
One needs to remember two things while using BHIM UPI. Firstly, to link the mobile number to bank
account and secondly, while transacting the SIM card of the mobile number linked to the bank account
should be used in the mobile handset. Using this platform one can send as well as receive money without
visiting the bank.
About BHIM App:
Android users can download BHIM app from Google Play Store while iPhone users may find the app in
Apple App Store. Once the app is downloaded, one needs to set their UPI PIN, UPI ID and start
transacting with this app. BHIM app is available in many regional languages. Users can browse through
their phone contacts to select beneficiaries for sending and receiving money instantly.
For more information on BHIM please check: www.bhimupi.org.in/
National Payments Corporation of India (NPCI) was set up in 2009 as the central infrastructure for various
retail payment systems in India and was envisaged by the Reserve Bank of India (RBI) as the payment
utility for all banks in the country. From a single service of switching of interbank ATM transactions
through National Financial Service, the range of services has grown to Cheque Truncation System,
National Automated Clearing House (NACH), Aadhaar Enabled Payment System (AePS), USSD based *99#,
RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for
Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection and Bharat Bill Pay.>