Mumbai: India’s home-grown Paytm Payments Bank Ltd (PPBL) today announced that it leads as the largest beneficiary bank ahead of all major banks in the country. According to the latest report by the National Payments Corporation of India (NPCI), PPBL has registered 469.84 million transactions in the month of March 2021 as a beneficiary bank, achieving a month-on-month increase of 20.7%. Beneficiary banks are the banks of the account holder who is receiving money. It is also rapidly gaining traction as a remitter bank with over 15.9% month-on-month growth and registering 173.09 million transactions in March with the highest success rate.
PPBL has also continued to outperform other banks in terms of the success rate of UPI transactions. The NPCI data reveals that it has one of the lowest technical decline rate at 0.03% among all UPI beneficiary banks and 0.05% 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% as compared to all UPI beneficiary banks and 0.11% as compared to all UPI remitter banks.
All major banks have a way higher technical decline rate of around 1%. It has become the largest enabler of digital payments in the country driven by merchant payments & increased adoption across small cities and towns. Both customers and Merchants who have been riddled with pending and failed payment issues with other banks are increasingly preferring to use Paytm Payments Bank for sending and receiving money via UPI given its overall faster payment experience and lower technical failures. This also confirms the advantage of the in-house technology infrastructure at Paytm Payments Bank, which is less than 4 years old while all other banks in the Top 5 have been in existence for decades.
Satish Gupta, MD & CEO of Paytm Payments Bank Ltd said, “With every passing month, we are seeing more people using us to scan the UPI QR-codes or using Paytm UPI to make payments making us the most trusted bank for UPI payments. We are providing the fastest & most seamless UPI payments service and our success can be gauged from the monthly NPCI data that shows us as the top beneficiary bank with the highest success rate. Our leadership in digital banking and payments is a testimony to the trust that the whole country has shown in our services. We will continue to empower more merchants across the country to join the digital payment ecosystem and benefit from our innovative & personalized offerings.”
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 & current accounts that have helped in propelling the total number of bank accounts to 64 million. The total deposits in these bank accounts and wallet are over Rs. 3200 crores.