Paytm Payments Bank achieves over 430M beneficiary transactions in April 2021
Paytm Payments Bank Ltd (PPBL) on Wednesday said it continues to lead as the largest UPI beneficiary bank ahead of all other banks in India.
According to the latest report by the National Payments Corporation of India (NPCI), PPBL has registered 430.04 million transactions in April 2021 as a beneficiary bank.
As per Paytm Payments Bank, no other beneficiary bank has been able to cross the milestone of 400 million monthly transactions. In fact, it is rapidly gaining traction as a remitter bank and has registered 164.47 million transactions in the same month, it added.
According to NPCI, PPB has the lowest technical decline rate at 0.01 percent both as a beneficiary and as a remitter bank.has further improved on these parameters as compared to March when it clocked a technical decline rate of 0.03 percent as compared to all UPI beneficiary banks, and 0.05 percent as compared to all UPI remitter banks.
Satish Gupta, MD and CEO, Paytm Payments Bank Ltd, said,
"UPI payments are an integral part of PPBL's ecosystem, and we have built one of the finest technology infrastructures to facilitate such transactions. During this ongoing pandemic, we are doing everything possible to help our account holders get access to all banking services digitally and seamlessly so they do not have to step out for any banking-related activities.”
PPBL also claims to be the top enabler of digital payments in India after it registered over 975 million digital transactions in March 2021. This achievement was led by the growth in transactions on Paytm Wallet, Paytm FASTag, Paytm UPI, and internet banking over the last several quarters.
It has also achieved an all-time high monthly target by opening over one million new savings and current accounts, which has propelled the total number of bank accounts to 64 million.