Paytm Payments Bank Largest Beneficiary Bank for UPI, Best Success Rate

Paytm Payments Bank announced that it has continued to lead as the largest UPI beneficiary bank in the country.

Another Solid Outing for Paytm Payments Bank

As per the latest report by by the National Payments Corporation of India (NPCI), PPBL has registered 430.04 million transactions in April 2021 as a beneficiary bank.

Notably, no other beneficiary bank has been able to cross the milestone of 400 million monthly transactions. Incidentally, it is also rapidly gaining traction as a remitter bank and registered 164.47 million transactions in the same month. Further, data revealed that it has the lowest technical decline rate at 0.01% both as a beneficiary and remitter bank. In March, these figures were slightly poorer at 0.03% for beneficiary bank and 0.05% for remitter bank.

Satish Gupta, MD & CEO, Paytm Payments Bank, said, "We are humbled by the trust our users have shown in our service making us the largest beneficiary bank in the country yet again".

He further added that UPI payments are an integral part of PPBL's ecosystem. Gupta also added, "During this ongoing pandemic, we are doing everything possible to help our account holders get access to all banking services digitally and seamlessly so that they do not have to step out for any banking-related activities. Our performance as highlighted in the latest NPCI report is a testament to the trusted & long-lasting relationship that we have with our partners.”

PPBL has also become the top enabler of digital payments in the country. It registered over 975 million digital transactions in March 2021. Paytm Wallet, Paytm FASTag and Paytm UPI propelled the numbers for the digital payments provider over the last few quarters.

Further, PPBL also achieved an all-time high monthly target by opening over 1 million new accounts. That has pushed the total number of bank accounts to 64 million.