It’s testament to the trusted and long-lasting relationship that we have with our partners, says Paytm Payments Bank
MUMBAI, May 19 (The CONNECT) - Home-grown Paytm Payments Bank Ltd (PPBL) today said it has continued to lead UPI beneficiary bank charts.
PPBL has registered 430.04 million transactions in the month of April 2021 as a beneficiary bank, according to the latest report by the National Payments Corporation of India (NPCI). No other beneficiary bank has been able to cross the milestone of 400 million monthly transactions. Rapidly gaining traction as a remitter bank and registered 164.47 million transactions in the same month, PPBL has also continued to outperform other banks in terms of the success rate of UPI transactions.
The NPCI data reveals that PPBL has the lowest technical decline rate at 0.01% both as a beneficiary and remitter bank. The bank has improved on these parameters as compared to the month of March when it clocked a technical decline rate of 0.03% as compared to all UPI beneficiary banks and 0.05% as compared to all UPI remitter banks.
All other banks rely on third-party apps to drive the UPI transactions and have a much higher technical decline rate of around 1%. PPBL is the only bank in the country that organically drives UPI transactions from Paytm's ecosystem and is the largest enabler of digital payments in the country driven by merchant payments and increased adoption across small cities and towns. Both customers and Merchants are increasingly preferring to use Paytm Payments Bank for sending and receiving money via UPI, given its superior in-house technology that ensures the fastest payments and highest success rates.
Satish Gupta, MD & CEO of Paytm Payments Bank Ltd said, "We are humbled by the trust our users have shown in our service making us the largest beneficiary bank in the country yet again. UPI payments are an integral part of PPBL's ecosystem and we have built one of the finest technology infrastructures to facilitate such transactions. During this ongoing pandemic, we are doing everything possible to help our account holders get access to all banking services digitally and seamlessly so that they do not have to step out for any banking-related activities. Our performance as highlighted in the latest NPCI report is a testament to the trusted and long-lasting relationship that we have with our partners.”
PPBL has also become the top enabler of digital payments in the country by registering over 975 million digital transactions in the month of March 2021. This achievement has been led by the growth in transactions on Paytm Wallet, Paytm FASTag, Paytm UPI, and internet banking over the last several quarters. It has also achieved an all-time high monthly target by opening over 1 million new savings and current accounts that have helped in propelling the total number of bank accounts to 64 million.