Bhim Sees a Doubling in its Monthly Transaction Count
Bharat Interface for Money (Bhim), the government’s UPI-based consumer payments application, has almost doubled its monthly transaction count in the last six months to around 70 million in June. Bhim, operated by the National Payments Corporation of India (NPCI), had undergone a period of stagnation for over two years, handling roughly 25 million transactions monthly from January 2022 to June 2024, until the figures began to rise.
The application recorded 64.6 million transactions in May, increasing by 91 percent from 33.8 million transactions in January.
Bhim has experienced a significant user-interface overhaul over the past year and is now increasing its investment in marketing and promotional activities.
It is estimated that NPCI has set aside Rs 150–200 crore this financial year to promote the app.
Initial trends indicate that the incentives are proving effective, and users are returning to the app. In June, it was expected to handle approximately 70–75 million transactions, showing steady growth.
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Bhim has not yet entered the list of the top ten UPI apps by transaction volume. In reality, its share is below 1 percent since the UPI platform handled 18.4 billion transactions in June, based on recent NPCI data.
Bhim holds a greater value of funds compared to several of its competitors. In May, for instance, it reached Rs 11,243 crore, surpassing Amazon Pay’s approximately Rs 10,000 crore. The total UPI transaction amount reached Rs 25.14 lakh crore in May.
Initiated in 2016 by Prime Minister Narendra Modi, Bhim was spun off into an independent corporate body called NPCI Bhim Services Ltd (NBSL) in early 2024, with former banker Lalitha Nataraj serving as the CEO.
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NPCI aims to establish a unique brand identity and recognition for Bhim while encouraging smaller UPI applications to grow and minimize market reliance on just two or three apps.