BHIM App Statistics 2024: Key Insights on Transactions, Market Share, and Growth
Barry Elad
Updated · Nov 29, 2024
In the ever-evolving landscape of digital payments, BHIM (Bharat Interface for Money) has emerged as a groundbreaking platform transforming the way millions of Indians transact daily. Launched in 2016, this government-backed app was designed to make digital payments accessible to all, regardless of economic background or tech-savviness. Today, BHIM stands at the forefront of India’s financial inclusion strategy, catalyzing the country’s transition into a cashless economy. With the growing influence of UPI (Unified Payments Interface), the platform has witnessed phenomenal growth, playing a crucial role in digitizing over a billion transactions in the country.
In this article, we’ll dive deep into the latest BHIM App statistics for 2024, and explore its milestones, transaction volumes, and the larger trends shaping the Indian digital payment ecosystem.
Editor’s Choice: Key Transaction Milestones
- BHIM surpassed 2.5 billion transactions in September 2023, marking one of the platform’s biggest milestones since its inception.
- Over $160 billion in transaction value was processed via BHIM in Q3 of 2023, a 15% year-on-year growth compared to 2022.
- The UPI ecosystem, driven largely by BHIM, now accounts for over 60% of all digital transactions in India.
- BHIM App saw a 50% increase in the number of unique users from 2022 to 2023, growing to over 90 million active users.
- In October 2023, BHIM processed over 450 million transactions in a single day, a record-breaking event that highlighted the app’s scalability and robust infrastructure.
- More than 200 million merchant payments were made through the BHIM app in 2023, showing its increasing penetration into small and medium businesses.
- The P2P (peer-to-peer) transaction volume has grown by 18% year-over-year, making it one of the fastest-growing use cases on the platform.
General BHIM App Statistics and Trends
- As of 2024, the BHIM App has been downloaded over 250 million times, making it one of the most popular digital payment apps in India.
- 80% of BHIM’s transactions are below ₹200, reflecting its widespread use for small, daily payments.
- 70% of the transactions on BHIM are conducted in Tier 2 and Tier 3 cities, demonstrating its reach beyond urban centers.
- The average transaction time on BHIM is less than 3 seconds, showcasing the app’s high processing efficiency.
- BHIM accounted for 35% of total UPI transactions in 2023, contributing significantly to the overall growth of digital payments in India.
- QR code payments via BHIM have grown by 30% year-on-year, underscoring its increasing adoption among offline merchants.
- The app now supports 16 regional languages, further enhancing its accessibility across diverse parts of the country.
Number of Transactions Done through BHIM in India
- In 2023, BHIM processed a staggering 8.3 billion transactions, reflecting its growing importance in the Indian payments ecosystem.
- The average monthly transaction count has increased by 22% in 2024, reaching 700 million transactions per month.
- During the Diwali season in 2023, BHIM saw a record of 2.1 billion transactions, driven by festival shopping and online payments.
- BHIM’s P2P (peer-to-peer) transactions accounted for over 65% of the total volume in 2023, signifying its widespread use for personal transfers.
- Merchant payments made through BHIM crossed the 3 billion transactions mark in 2023, showcasing its expanding role in retail payments.
- Rural transactions now make up 40% of BHIM’s total volume, highlighting its success in financial inclusion efforts in less urbanized areas.
- The daily transaction count via BHIM is steadily surpassing 30 million, reflecting the app’s consistent growth in usage.
Market Share in the UPI Ecosystem
- BHIM holds an estimated 35% market share of total UPI transactions in India as of 2024.
- Despite the entry of competitors like Google Pay and PhonePe, BHIM has maintained its foothold, with a 20% increase in its market share from 2022 to 2023.
- By Q4 2023, BHIM was responsible for processing nearly ₹8 trillion worth of transactions, cementing its place as a key player in the UPI ecosystem.
- In terms of user base, BHIM saw a 30% growth year-on-year, expanding its active user base to over 110 million by the end of 2023.
- Among government-backed digital payment platforms, BHIM continues to dominate with a 55% share, while other platforms lag.
- BHIM has become the preferred choice for 30% of small and medium enterprises (SMEs) in India, particularly for its ease of integration with UPI and its seamless QR code payment system.
- Mobile-first usage dominates the BHIM app ecosystem, with over 90% of users accessing the platform exclusively via smartphones.
| Metric | Value |
| Market share of UPI transactions (2024) | 35% |
| Market share growth (2022-2023) | 20% increase |
| Transaction value (Q4 2023) | ₹8 trillion |
| User base growth (YoY) | 30% |
| Active user base (2023) | 110 million |
| SME preference | 30% of SMEs |
| Mobile-first usage | 90% of users |
Transaction Volume and Value Trends
- In 2024, the average transaction value on BHIM rose to ₹1,500, marking an 18% increase compared to 2023.
- The cumulative transaction value processed by BHIM in 2023 was over ₹60 trillion, a 25% year-on-year growth.
- The P2M (peer-to-merchant) transaction volume saw an impressive 40% increase in 2023, reaching a total value of ₹18 trillion.
- Microtransactions, or payments below ₹100, have increased by 15% since 2022, making up a significant portion of BHIM’s daily transaction load.
- The average daily transaction volume crossed ₹500 billion in 2023, driven by widespread adoption during peak shopping seasons.
- UPI AutoPay, a feature integrated within BHIM, contributed over ₹10 billion in recurring payments by the end of 2023, showcasing its growing utility for subscription-based services.
- International remittances via BHIM, enabled through cross-border UPI partnerships, have grown by 20%, particularly in corridors such as India-UAE and India-Singapore.
Which Bank Has the Most Share in UPI?
- State Bank of India (SBI) dominates the UPI market with a 25% share of total transactions processed via BHIM and other UPI platforms in 2024.
- In 2023, SBI processed over 2.4 billion transactions, making it the leading bank for UPI payments in India.
- HDFC Bank holds the second-largest share, accounting for 15% of the UPI transactions, driven by its robust mobile banking infrastructure.
- ICICI Bank saw a 20% increase in its UPI transaction volume in 2023, positioning it as the third-largest player with a 13% market share.
- Axis Bank processed 10% of total UPI transactions, making it a key player in the UPI ecosystem with a focus on merchant payments.
- Public sector banks, including Punjab National Bank (PNB) and Bank of Baroda, collectively processed over 30% of UPI transactions on the BHIM platform.
- The UPI on the RuPay network, supported by NPCI, saw an 18% growth in the number of transactions processed, with SBI leading the charge among participating banks.
UPI Fraud Statistics
- In 2023, there was a reported 28% increase in UPI-related fraud cases, with over 95,000 fraud incidents recorded across various platforms, including BHIM.
- Phishing attacks accounted for 40% of UPI fraud cases in 2023, where fraudsters tricked users into revealing sensitive payment credentials.
- Unauthorized transactions due to SIM card swaps and device compromises rose by 18%, making up a significant portion of UPI fraud cases.
- Despite these challenges, 99.9% of UPI transactions remain secure, thanks to BHIM’s multi-factor authentication and UPI PIN system.
- The National Payments Corporation of India (NPCI) reported a 22% reduction in fraud incidents on the BHIM app after implementing advanced fraud detection mechanisms in mid-2023.
- Fraudulent merchant links accounted for 25% of fraud cases, particularly affecting small merchants and consumers unfamiliar with UPI security protocols.
- To combat this, NPCI launched a public awareness campaign in 2023, reducing fraud by 15% in high-risk areas, including rural and semi-urban regions.
| Metric | Value |
| Increase in UPI fraud cases | 28% |
| Number of fraud incidents | 95,000 |
| Phishing attack share | 40% |
| SIM swap and device compromise share | 18% |
| BHIM fraud reduction post-security update | 22% |
| Fraudulent merchant link share | 25% |
| Fraud reduction in high-risk areas | 15% |
Foreign Collaboration and Global Expansion
- BHIM’s cross-border UPI integration with Singapore resulted in over ₹5 billion in cross-border transactions by the end of 2023.
- Collaboration with UAE banking institutions has allowed Indian expats to send money back home seamlessly via BHIM, contributing ₹3 billion in remittances in 2023.
- As of 2024, BHIM is operational in 10 countries, including Bhutan, Nepal, and Mauritius, enabling easier cross-border transactions for Indian travelers and businesses.
- BHIM has partnered with Singapore’s PayNow for real-time payments, boosting cross-border remittances by 30% in 2023.
- The NPCI International Payments Limited (NIPL) aims to expand BHIM’s presence to 15 countries by 2025, with active negotiations in Europe and Africa.
- Over 1.5 million Indian expatriates have adopted BHIM for remittances, with an average transaction volume of ₹10,000 per user in 2023.
- BHIM’s integration with RuPay international cards has simplified digital payments for Indian tourists, contributing ₹2 billion in overseas payments in 2023.
Recent Developments
- In 2024, BHIM introduced UPI Lite, allowing users to make small transactions of up to ₹200 without requiring a PIN, improving ease of use.
- UPI 2.0 launched with enhanced features like overdraft support and QR code-based payments for recurring bills and utilities, further boosting user engagement.
- BHIM’s voice-based payment feature, introduced in 2023, allows non-smartphone users to conduct transactions through simple voice commands, widening the platform’s accessibility.
- The NPCI introduced the UPI AutoPay feature on BHIM, enabling recurring payments for subscriptions, insurance, and utility bills, contributing ₹1.5 billion in transaction volume in 2023.
- Increased adoption in Tier 2 and Tier 3 cities has driven 45% of BHIM’s growth in 2023, highlighting its deep penetration into smaller markets.
- BHIM’s integration with digital wallets like Paytm and MobiKwik has expanded its utility, enabling faster and easier transactions across multiple platforms.
- The UPI Credit on BHIM, a feature launched in late 2023, allows users to link their credit cards to UPI for seamless payments, further enhancing user convenience.
Conclusion
As we move into 2024, BHIM continues to play a pivotal role in India’s digital payments revolution, backed by a robust UPI ecosystem. From significant transaction milestones to its growing global footprint, BHIM is not only driving financial inclusion but also setting new benchmarks in digital payments. With continued innovation, such as UPI Lite, voice-based payments, and cross-border collaborations, BHIM is poised to further expand its reach both within and outside of India. The app’s resilience and adaptability make it a key player in shaping the future of India’s cashless economy.
Barry Elad
Barry Elad is a dedicated tech and finance enthusiast, passionate about making technology and fintech concepts accessible to everyone. He specializes in collecting key statistics and breaking down complex information, focusing on the benefits that software and financial tools bring to everyday life. Figuring out how software works and sharing its value with users is his favorite pastime. When he's not analyzing apps or programs, Barry enjoys creating healthy recipes, practicing yoga, meditating, and spending time in nature with his child. His mission is to simplify finance and tech insights to help people make informed decisions.
