Paytm Payment Bank emerges as biggest UPI recipient in December 2021
New Delhi:
Payments bank Paytm has emerged as the largest recipient of unified payments interface (UPI) funds with 926.17 million transactions while State Bank of India (SBI) tops the ranking. was the largest remittance bank in December 2021, according to data published by the National Payments Corporation of India (NPCI).
Payment bank Paytm claims to have become the first beneficiary bank in the country to reach over 926 million UPI transactions in just one month.
“We are delighted to receive such encouraging feedback from our users, who have made us the most preferred beneficiary bank for UPI payments.
“We will continue to leverage our experience and technological prowess to deliver super-fast UPI Funds Transfer and the convenience of using Paytm Wallet and bank accounts for daily payments” , PPBL CEO and CEO Satish Gupta said in a statement.
State Bank of India followed PPBL as the second largest beneficiary with 664.89 million transactions.
According to NPCI, 98.79% of transactions are approved on the PPBL platform.
“During the October-December 2021 quarter, PPBL registered a total of 2,507.47 million beneficiary transactions, compared with 964.95 million beneficiary transactions in the same quarter of 2020.
This is a year-on-year increase of 159.85%. The bank remained the largest UPI beneficiary throughout the year (except for May 2021) and continued to grow, PPBL said. monthly,” PPBL said in a statement.
On Tuesday, Paytm founder and CEO Vijay Shekhar Sharma said the company is betting big on the payments business.
He said revenue from payment services, including merchant transfers, was around $140 million (about Rs 1034) in the current quarter.
According to NPCI data, Standard Chartered bank has the highest approval rate of 96.74% for UPI remittance transactions, while Citi Bank has the highest approval rate of 99.84% among those. UPI beneficiaries.
