SBI, Paytm Payments Bank, PhonePe lead in UPI transactions in February

SBI was the top remitter on the UPI platform in February, while Paytm Payments Bank led the chart in the beneficiary segment, as per data published by the National Payments Corporation of India.

PhonePe topped the app category on the UPI platform in terms of volume and amount involved in the transactions that it facilitated.

According to the data published by NPCI, State Bank of India (SBI) recorded 656.92 million remittance transactions in February, that is money was sent out from the bank using the UPI platform.

It was followed by HDFC Bank with 207.27 million remittance transactions, Axis Bank (164.27 million), Paytm Payments Bank (149.32 million) and ICICI Bank (148.98 million).

Paytm Payments Bank led the UPI beneficiary category with 389.24 million transactions, which means money was received by the account holders through the UPI platform.

It was followed by SBI with 352.24 million transactions, Yes Bank (272.55 million), ICICI Bank (211.14 million) and Axis Bank with 204.37 million UPI beneficiary transactions.

Paytm said it registered the lowest technical decline rate of 0.11 per cent as compared to all UPI remitter banks and 0.04 per cent as compared to all UPI beneficiary banks.

The transaction on Paytm Payments Bank platform increased by 5.5 per cent in the beneficiary segment compared to previous month, the company said in a statement.

"We have witnessed rapid adoption of our UPI payments service across the country as more users are embracing our seamless technology that powers a fast payment experience.

"Our performance as highlighted in the latest NPCI report is a testament to the trusted & long-lasting relationship that we have with our partners," Paytm Payments Bank MD and CEO Satish Gupta said.

PhonePe topped the app category with 975.53 million customer initiated transactions for UPI payments involving an amount of Rs 1,89,517.82 crore in February.

"We are delighted to emerge as leaders in the UPI merchant transactions. Our leadership in the P2M space is due to an expansion of the market with more merchants using our platform in smaller towns," PhonePe Vice President - Offline Business Development, Vivek Lohcheb said.

PhonePe was followed by Google Pay with 827.86 million transaction involving Rs 1,74,455.33 crore, Paytm Payments Bank (340.71 million transactions, Rs 38,493.52 crore) and BHIM (20.44 million transactions, Rs 6,379.91 crore).