The Fiscal Year 2017-2018 has been a year of transformation for the digital form of cashless transactions. BHIM Unified Payments Interface (UPI) transactions and activity on the platform is expected to reach new height for the present fiscal year 2018-2019.
Bharat Interface for Money (BHIM) is a payment app that helps the user to make simple, easy and quick transactions using Unified Payments Interface (UPI). The user can make a direct bank payment through UPI using UPI ID or scan the respective QR with the BHIM app. It also allows the user to request for money through the app from a UPI ID.
The BHIM App was launched in December 2016, to bring in the financial incorporation to the nation and to digitally empower the society.
According to a data from the National Payments Corporation of India (NPCI), there were BHIM UPI transactions of approximately 913 million in volume and close to Rs 1 trillion in value in the fiscal year 2018.
UPI, which allows instant money transfer between bank accounts through mobile phones has witnessed a huge growth over the last several months owing to smartphone-based payment applications like Whatsapp, Paytm, Flipkart's PhonePe.
The fiscal year 2018 began with a meager 7 million transaction volume which was recorded in April last year. However, the improvement was witnessed around September when transaction volumes almost doubled from 16 million in the previous month.
UPI is slowly rising as the new sign for digital payments platform in India.