The above graph represents the total volume and value of BHIM transactions in India by month. In December 2019, approximately 17.82 million transactions worth Rs 6,316.37 crore were completed through the Bharat Interface for Money (BHIM) app in India. That represented nearly 13.1% and 7.9% month-over-month growth in the BHIM transaction volume and value, respectively.
Growth in BHIM Transactions Volume and Value: History
|Source||Reserve Bank of India (RBI), NPCI|
|Note||India fiscal year starts from April 01|
The usage of BHIM app in India spiked immediately after its launch in December 2016. Within one month, about 1.718 million transactions valued at Rs 356.5 crore were completed through BHIM app by Indians.
India has been witnessing significant growth in the volume and value of BHIM transactions that take place every month. In April 2017, where the number of transactions through BHIM app increased nearly 30% month-over-month to 3.187 million, the total amount transacted crossed Rs 1000-crore mark for the first time.
It was September 2018 when the monthly transactions through BHIM app in India declined for the first time, since its launch in December 2016. The total number of BHIM transactions in India declined from 16.5 million in August to 16.3 million in September, registering a 1.2% month-over-month decline.
On the other hand, the total amount transacted through BHIM app declined for the first time in November 2018. The total value of BHIM transactions declined from Rs 8,206.37 crore in October 2018 to Rs 7,981.82 crore in November 2018, registering 2.7% month-over-month decline.
Digital Transactions In India: Additional Information
The internet revolution has resulted in exploded adoption of digital methods of transactions worldwide. The users of Credit & Debit cards, mobile and internet nowadays are far more aware and digitally empowered with making financial transactions. In the last few years, however, digital transactions have branched out into multiple types of financial transactions.
Started with the use of Credit and Debit cards at POS in large retail stores, digital transactions industry has come a long way. The introduction of mobile wallets and UPI have transformed the whole digital transaction industry in India. RTGS (Real Time Gross Settlement), NEFT (National Electronic Fund Transfer), CTS (Cheque Truncation System), IMPS (Immediate Payment Service), NACH (National Automated Clearing House), UPI (Unified Payments Interface) and PPI (Prepaid Payment Instruments) are the main type of financial transactions that fall under the Digital transaction category.
Digital transactions save time and money, resulting in a better bottom line. Customer experiences are also enhanced (think of the convenience of eSigning versus having to print a contract, sign it, and then return it by mail or fax). And digital transactions improve tracking capabilities, which helps reduce errors.
The exploded adoption of smartphones, mobile apps and mobile internet has helped Digital transaction industry to grow at an unprecedented rate. With more than 500 million smartphone users, India is one of the largest countries by the number of digital transactions that are recorded every month.
The above graph is a part of Dazeinfo GraphFarm – the most trusted source of hundreds of thousands of market graphs. Our team of researchers mines millions of data points every month to bring the most updated and validated set of data points representing the comprehensive view in a graphical format. From mobile to e-commerce, from Retail to healthcare, from startups to SMEs we have carefully designed thousands of graphs for those who value and understand the importance of data visualisation.