Paytm Payments Bank Ltd (PPBL) registered 46.9 crore(US$1,232,588.66) Unified Payments Interface (UPI) transactions in March, marking a month-on-month increase of 20.7 per cent to emerge as the largest beneficiary ahead of all major banks in the country.
Beneficiary banks are those of account holders receiving money. According to the latest report by the National Payments Corporation of India (NPCI), PPBL is also rapidly gaining traction as a remitter bank with over 15.9 per cent month-on-month growth and registering 17.3 crore transactions in March with the highest success rate.
The NPCI data shows that it has one of the lowest technical decline rate at 0.03 per cent among all UPI beneficiary banks and 0.05 per cent which is the lowest among all UPI remitter banks.
The bank has further improved on these parameters as compared to the month of 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.
PPBL’s Managing Director and CEO, Satish Gupta said that with every passing month, the bank is seeing more people using it to scan the UPI QR-codes or using Paytm UPI to make payments.
“We will continue to empower more merchants across the country to join the digital payment ecosystem and benefit from our innovative and personalised offerings.”
PPBL has also become the top enabler of digital payments in the country by registering over 97.5 crore digital transactions in March. 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 10 lakh new savings and current accounts that have helped in propelling the total number of bank accounts to 6.4 crore. The total deposits in these bank accounts and wallet are over Rs 3,200 crore.