Paytm Payments Bank becomes the largest beneficiary on UPI platform

With 469.84 mn transactions in March it is ahead of the country's largest lender SBI and private lenders such as Yes Bank, ICICI Bank, Axis Bank and HDFC Bank

Paytm Payments Bank on Tuesday said it has become the largest beneficiary bank on the Unified Payments Interface (UPI) platform, with 469.84 million transactions in March, an increase of almost 21 per cent month-on-month.
 
State Bank of India (SBI), which is second in the pecking order, saw 413.33 million transactions in March. SBI was followed by YES Bank, ICICI Bank, Axis Bank, and HDFC Bank.
 
Beneficiary banks are banks of account holders who receive money. When it comes to remitter banks, Paytm Payments Bank is fifth on the list, with 173.09 million transactions in March.
 
SBI is the leader with 775.55 million transactions, followed by HDFC Bank with 244.63 million transactions.
 
Axis Bank and ICICI Bank are third and fourth on the list of remitter banks.
 
In a statement, Paytm Payments Bank said, “It is rapidly gaining traction as a remitter bank with over 15.9 per cent month-on-month growth and registering 173.09 million transactions in March with the highest success rate.”
 
Further, the bank said, it has continued to outperform other banks in terms of success rate of UPI transactions. According to data released by the umbrella body for retail payments in India — National Payments Corporation of India (NPCI) — Paytm Payments Bank has one of the lowest technical decline rates of 0.03 per cent among UPI beneficiary banks and 0.05 per cent among remitter banks.
 
“The bank has further improved on these parameters as compared to February when it clocked a technical decline rate of 0.04 per cent as compared to all UPI beneficiary banks and 0.11 per cent as compared to all UPI remitter banks,” it said.
 
Among remitter banks, SBI has a decline rate of 0.9 per cent, while top private sectors banks like HDFC Bank, Axis Bank, and ICICI Bank have 0.13 per cent, 0.60 per cent, and 1.01 per cent decline, respectively.
 
Similarly, among beneficiary banks, decline rates range from 0.03 per cent up to 0.48 per cent.
 
Satish Gupta, managing director (MD) and chief executive officer (CEO) of Paytm Payments Bank, said: “With every passing month, we are seeing more people using us to scan the UPI QR-codes or using Paytm UPI. We are providing the fastest and most seamless UPI payments service.”
 
Last week, Paytm Payments Bank said it had registered over 970 million digital transactions in March 2021, led by growth on Paytm Wallet, Paytm FASTag, Paytm UPI, and internet banking.
 
The company is also averaging 1 million savings and current accounts a month. With over 64 million accounts, the bank’s total deposits have crossed Rs 3,200 crore.