Paytm Payments Bank has emerged as the most important receiver of unified funds interface (UPI) quantity with 926.17 million transactions whereas State Bank of India (SBI) topped the chart of being the most important remitter in December 2021, in line with knowledge launched by the National Payments Corporation of India (NPCI).
Paytm Payments Bank claimed to have change into the primary beneficiary financial institution within the nation to attain the landmark of over 926 million UPI transactions in a single month.
“We are humbled to obtain such an encouraging response from our customers who’ve helped us change into essentially the most most well-liked beneficiary financial institution for UPI funds.
“We will proceed to leverage our expertise and technological power to supply superfast UPI Money Transfer and the comfort of utilizing Paytm Wallet and checking account for on a regular basis funds,” PPBL Managing Director and CEO Satish Gupta mentioned in an announcement.
State Bank of India adopted PPBL because the second-largest beneficiary with 664.89 million transactions.
According to the NPCI, 98.79 per cent of the transactions had been permitted on the PPBL platform.
“In the October-December 2021 quarter, PPBL registered a complete of two,507.47 million beneficiary transactions, in contrast with 964.95 million beneficiary transactions in the identical quarter in 2020.
“This is a year-on-year increase of 159.85 per cent. It has remained the largest UPI beneficiary bank throughout the year (except in May 2021), and continues to grow month-on-month,” PPBL mentioned in an announcement.
Paytm founder and CEO Vijay Shekhar Sharma on Tuesday had mentioned the corporate is betting large on the funds enterprise.
It expects income from funds companies, together with retailers transfers, to be round USD 140 million (about Rs 1034 crore) within the present quarter, he had mentioned.
According to the NPCI knowledge, Standard Chartered financial institution had the best approval fee of 96.74 per cent in remittance of UPI transactions, whereas Citi Bank registered the best approval fee of 99.84 per cent amongst UPI beneficiaries.