Paytm Payments Bank has emerged as the largest recipient of Unified Payments Interface (UPI) amounts with 926.17 million transactions, while State Bank of India (SBI) topped the list of largest sender in December 2021, according to data released by the National Payments Corporation of India (NPCI).
Paytm Payments Bank claimed to be the first payee bank in the country to reach the milestone of more than 926 million UPI transactions in one month.
“We are humbled to receive such an encouraging response from our users who have helped us become the most preferred payee bank for UPI payments.
“We will continue to use our experience and technological strength to provide ultra-fast UPI Money Transfer and the convenience of using Paytm Wallet and bank account for daily payments,” said PPBL Managing Director and CEO Satish Gupta in a statement.
State Bank of India followed PPBL as the second largest beneficiary with 664.89 million transactions.
According to the NPCI, 98.79 percent of transactions were approved on the PPBL platform.
“In the October-December 2021 quarter, PPBL recorded a total of 2,507.47 million beneficiary transactions, compared to 964.95 million beneficiary transactions in the same quarter in 2020.
“This is an annualized increase of 159.85 percent. It has remained the largest UPI-beneficiary bank throughout the year (except May 2021) and continues to grow month-over-month,” PPBL said in a statement.
Paytm founder and CEO Vijay Shekhar Sharma had said on Tuesday that the company is betting big on the payments industry.
He expects payment services revenue, including merchant wire transfers, to be around USD 140 million (about Rs 1034 crore) in the current quarter, he said.
According to the NPCI data, Standard Chartered bank had the highest approval rate of 96.74 percent for transferring UPI transactions, while Citi Bank registered the highest approval rate of 99.84 percent among UPI beneficiaries.