New Delhi: Paytm Payments Bank has emerged as the largest receiver of unified funds interface (UPI) quantity with 926.17 million transactions whereas State Bank of India (SBI) topped the chart of being the largest remitter in December 2021, based on information launched by the National Payments Corporation of India (NPCI).
Paytm Payments Bank claimed to have develop 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 develop into probably the most most popular beneficiary financial institution for UPI funds.
“We will continue to leverage our experience and technological strength to offer superfast UPI Money Transfer and the convenience of using Paytm Wallet and bank account for everyday payments,” PPBL Managing Director and CEO Satish Gupta stated 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 have been accepted 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 stated in an announcement.
Paytm founder and CEO Vijay Shekhar Sharma on Tuesday had stated the corporate is betting massive 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 stated.
According to the NPCI information, 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.