Paytm Payments Bank maintains its lead as the largest UPI beneficiary bank, confirms NPCI report
India’s homegrown Paytm Payments Bank Ltd (PPBL) has continued to remain the largest beneficiary bank for UPI payments, ahead of all major banks in the country. According to the latest report by the National Payments Corporation of India (NPCI), PPBL has registered 797.69 million transactions in the month of October 2021 as a beneficiary bank. Beneficiary banks are the banks of the account holder who is receiving money.
In January 2021, Paytm Payments Bank registered 368.90 million transactions to become the largest UPI beneficiary bank in India. It has maintained its lead since then (except in May 2021), and continues to grow month-on-month. It has also gained rapid traction as a remitter bank for UPI payments.
Satish Gupta, MD and CEO, Paytm Payments Bank Ltd said, “Our continuous endeavour is to bring the most innovative products and services to our consumers, who come to us for a seamless digital banking experience. Our in-house technology and capabilities has enabled us to offer superfast UPI Money Transfer and the convenience of using Paytm Wallet and bank account for everyday payments has made it the top destination for money transfers.”
Recently, Paytm Payments Bank was recognized by the Government of India for its role in accelerating the growth of digital payments in the country. At the ‘Digital Payments Utsav’, the Ministry of Electronics and Information Technology (MeitY) awarded it for being the top performer in terms of volume of transactions, merchant onboarding and transaction success rate.
Paytm Payments Bank has also recently launched the Paytm Transit Card, a NCMC which equips Indians with one card for all their commute-related transactions. With this launch, users won’t have to worry about carrying multiple cards for different purposes and just use the Paytm Transit Card for all their payments.