Paytm Payments Bank became the greatest receiver of UPI quantity in December 2021New Delhi: Paytm Payments Bank has actually become the most significant receiver of unified payments interface (UPI) quantity with 926.17 million transactions while State Bank of India (SBI) topped the chart of being the greatest remitter in December 2021, according to information released by the National Payments Corporation of India (NPCI).
Paytm Payments Bank claimed to have ended up being the first recipient bank in the country to accomplish the landmark of over 926 million UPI transactions in a single month.
We are humbled to receive such an encouraging reaction from our users who have helped us end up being the most preferred beneficiary bank for UPI payments.
We will continue to utilize our experience and technological strength to use superfast UPI Cash Transfer and the convenience of utilizing Paytm Wallet and savings account for daily payments, PPBL Handling Director and CEO Satish Gupta said in a statement.State Bank of India followed PPBL as the second-largest recipient with 664.89 million transactions.According to the NPCI, 98.79 percent of the transactions were authorized on the PPBL platform.
In the October-December 2021 quarter, PPBL signed up an overall of 2,507.47 million beneficiary deals, compared to 964.95 million recipient transactions in the very same quarter in 2020.
This is a year-on-year boost of 159.85 percent.
It has actually remained the largest UPI recipient bank throughout the year (other than in Might 2021), and continues to grow month-on-month, PPBL stated in a statement.Paytm creator and CEO Vijay Shekhar Sharma on Tuesday had actually stated the company is betting huge on the payments business.It anticipates income from payments services, consisting of merchants transfers, to be around USD 140 million (about Rs 1034 crore) in the present quarter, he had said.According to the NPCI information, Standard Chartered bank had the highest approval rate of 96.74 per cent in remittance of UPI transactions, while Citi Bank signed up the highest approval rate of 99.84 per cent amongst UPI recipients.