Paytm Payments Bank processes 970 million digital transactions in March
1 min read . Updated: 13 Apr 2021, 11:45 AM IST
PremiumPaytm Payments Bank Ltd (PPBL) on Tuesday announced that it has registered over 970 million digital transactions in March
Paytm Payments Bank Ltd (PPBL) on Tuesday announced that it has registered over 970 million digital transactions in March. PPBL said that the record growth in digital transactions is largely owed to transactions in Paytm Wallet, Paytm FASTag, Paytm UPI, and internet banking over the last several quarters.
PPBL is opening on an average 1 million savings and current accounts a month. With over 64 million accounts, the bank's total deposits have crossed over ₹3200 crores.
Top beneficiary for UPI payments
PPBL claims to be the largest beneficiary bank for UPI transactions and registers the highest success rate in the industry. It is also rapidly gaining traction as a remitter bank for UPI payments. The NPCI data also reveals that it has the lowest technical decline rate at 0.11% among all UPI remitter banks and 0.04% among all UPI beneficiary banks.
9 million FASTags
With over 9 million FASTags sold and 42 million monthly issuer transactions, Paytm Payment Bank’s FASTag allows users to directly pay from their Paytm Wallet.
It has gained immense popularity amongst vehicle owners including commercial transport due to its seamless onboarding and integration process which requires minimum documentation, instant activation, and unmatched customer care support. Also, PPBL has now enabled cashless toll payments across 270 plazas and registers over 57 million monthly acquirer transactions.
Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd said, “Our leadership in digital banking and payments is a testimony to the trust that the whole country has shown in our services. We will continue to empower more merchants across the country to join the digital payment ecosystem and benefit from our innovative & personalized offerings. We are committed to playing a key role in building Atmanirbhar Bharat."
