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Paytm Payments Bank becomes largest beneficiary of UPI

April 21, 2021

Paytm Payments Bank becomes largest beneficiary of UPI

Paytm Payments Bank on Tuesday said it has become the biggest beneficiary bank on the Unified Payments Interface (UPI) platform, with 469.84 million exchanges in March, an increment of just about 21% month-on-month.

State Bank of India (SBI), which is second in the hierarchy, saw 413.33 million transactions in March. SBI was trailed by YES Bank, ICICI Bank, Axis Bank, and HDFC Bank.

Recipient banks will be banks of record holders who get money. With regards to remitter banks, Paytm Payments Bank is fifth on the rundown, with 173.09 million transaction in March.

SBI is the pioneer with 775.55 million transaction, trailed by HDFC Bank with 244.63 million transaction. Pivot Bank and ICICI Bank are third and fourth on the list of remitter banks.

In an statement, Paytm Payments Bank said, “It is quickly acquiring traction as a remitter bank with over 15.9 percent month-on-month development and enlisting 173.09 million transactions in March with the most elevated success rate.”

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