Paytm Payments Bank still India's largest UPI beneficiary bank: NPCI report
PPBL has registered 797.69 million transactions in the month of October 2021 as a beneficiary bank, according to the report.
Paytm Payments Bank Ltd (PPBL) has continued to remain the largest beneficiary bank for UPI payments, ahead of all major banks in India. According to the latest report by the National Payments Corporation of India (NPCI), PPBL registered 797.69 million transactions in the month of October 2021 as a beneficiary bank. A beneficiary bank is a receiving bank where a person or entity has an account.
According to the Paytm press release, "In January 2021, Paytm Payments Bank registered 368.90 million transactions to become the largest UPI beneficiary bank in India. It has maintained its lead since then (except in May 2021) and continues to grow month-on-month. It has also gained rapid traction as a remitter bank for UPI payments."
Satish Gupta, MD and CEO, Paytm Payments Bank Ltd said, “Our in-house technology and capabilities have enabled us to offer superfast UPI Money Transfer and the convenience of using Paytm Wallet and bank account for everyday payments has made it the top destination for money transfers."
Recently, 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, as per the press release.
Paytm Payments Bank has also recently launched the Paytm Transit Card, an 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.
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