According to data supplied by the National Payments Corporation of India, Paytm Payments Bank was the largest receiver of UPI funds in December, with 926.17 million transactions, while public sector bank SBI was the largest remitter (NPCI).
Paytm Payments Bank Ltd (PPBL) claims to be India’s first beneficiary bank to surpass the 926 million UPI transaction mark in a single month.
The excellent feedback we’ve received from our users has humbled us, and it’s helped us become the most favoured beneficiary bank for UPI payments.
In a statement, PPBL Managing Director and CEO Satish Gupta said, “We will continue to harness our knowledge and technology power to enable speedy UPI Money Transfer and the ease of using Paytm Wallet and bank account for everyday purchases.”
With 664.89 million transactions, State Bank of India was the second-largest recipient behind PPBL.
According to the NPCI, the PPBL platform approved 98.79 percent of transactions.
“In the October-December 2021 quarter, PPBL had 2,507.47 million beneficiary transactions, up from 964.95 million in the same quarter in 2020.”
This is a 159.85% growth year over year. Throughout the year (except in May 2021), it has remained the largest UPI beneficiary bank, and it continues to expand month after month “In a statement, PPBL said.
Vijay Shekhar Sharma, the founder and CEO of Paytm, said on Tuesday that the company is investing big on the payments sector.
In the current quarter, it expects revenue from payments services, including merchant transfers, to be about USD 140 million (around Rs 1034 crore), he said.
According to NPCI data, Standard Chartered bank had the highest approval rate of 96.74 percent in UPI remittance, while Citi Bank had the best approval rate of 99.84 percent among UPI beneficiaries.
Paytm Payments Bank has also just launched the Paytm Transit Card, an NCMC that gives Indian commuters a single card to use for all of their commute-related transactions. With this introduction, customers will no longer need to carry several cards for different purposes and will be able to make all of their payments using the Paytm Transit Card.
The Government of India has acknowledged Paytm Payments Bank for its role in advancing the growth of digital payments in the country. According to a press release, the Ministry of Electronics and Information Technology (MeitY) recognised it as the best performer in terms of transaction volume, merchant onboarding, and transaction success rate at the ‘Digital Payments Utsav.’
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