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Paytm Payments Bank receives over 926 million monthly transactions

Paytm Payments Bank Ltd (PPBL) has become the first beneficiary bank in the country to receive over 926 million UPI transactions in a single month.Premium
Paytm Payments Bank Ltd (PPBL) has become the first beneficiary bank in the country to receive over 926 million UPI transactions in a single month.

  • Paytm Payments Bank, the largest UPI beneficiary bank, becomes the first in India to receive over 926 million monthly transactions
  • It has registered 159.85% year-on-year growth in October-December 2021 quarter in beneficiary transactions

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Paytm Payments Bank Ltd (PPBL) announced that it has received over 926 million UPI transactions in a single month, becoming the first beneficiary bank in the country to achieve this landmark and cementing its position as the largest and fastest growing UPI beneficiary bank in the country. 

Beneficiary banks are the banks of the account holder who is receiving money. This highlights customer preference to receive money in their Paytm Payments Bank account to further use it for everyday payments or for savings.

In the October to December 2021 quarter, PPBL registered a total of 2,507.47 million beneficiary transactions, compared to 964.95 million beneficiary transactions in the same quarter in 2020. This is a year-on-year increase of 159.85%. It has remained the largest UPI beneficiary bank throughout the year (except in May 2021), and continues to grow month-on-month.

Paytm Payments Bank has also gained rapid traction as a remitter bank for UPI payments. It registered 455.74 million remitter transactions in the October to December 2021 quarter, which is 67.26% higher than the transactions registered in the same period of the year 2020.

Satish Gupta, MD and CEO, Paytm Payments Bank Ltd said, “we will continue to leverage our experience and technological strength to offer superfast UPI Money Transfer and the convenience of using Paytm Wallet and bank account for everyday payments."

Meanwhile, Paytm Payments Bank was recognized by the Government of India for its role in accelerating the growth of digital payments in the country. At the ‘Digital Payments Utsav’, the Ministry of Electronics and Information Technology (MeitY) awarded it for being the top performer in terms of volume of transactions, merchant onboarding and transaction success rate.

Paytm Payments Bank has also recently launched the Paytm Transit Card, a NCMC which equips Indians with one card for all their commute-related transactions. With this launch, users won’t have to worry about carrying multiple cards for different purposes and just use the Paytm Transit Card for all their payments.

Paytm Payments Bank is the leading issuer of FASTags in India and one of the largest acquirers of toll plazas in the country. PPBL FASTag has become the country's most preferred toll payment method as it allows users to directly pay from the Paytm Wallet. Users do not need to create any separate account for using and recharging their FASTags.

 

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