Paytm Payments Bank becomes most preferred UPI beneficiary bank – The Hindu BusinessLine

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Becomes the first bank in India to receive 926 million monthly UPI transactions

Paytm Payments Bank Ltd (PPBL), an associate entity of Paytm, has become the first beneficiary bank in the country to achieve the landmark of over 926 million UPI transactions in a single month. This has cemented its position as the largest and fastest growing UPI beneficiary bank in India. 

In the Oct-Dec‘21 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 per cent. It has remained the largest UPI beneficiary bank throughout the year  (except in May 2021), and continues to grow month-on-month.

Rapid traction as remitter bank

Paytm Payments Bank has also gained rapid traction as a remitter bank for UPI payments. It registered 455.74 million remitter transactions in the Oct-Dec ‘21 quarter, which is 67.26 per cent higher than the transactions registered in the same period in the year 2020. 

Satish Gupta, MD and CEO, Paytm Payments Bank Ltd said, We are humbled to receive such an encouraging response from our users who have helped us become the most preferred beneficiary bank for UPI payments. This is a testament of the hard work that our team has put in to provide the best technology infrastructure and a superior digital banking experience. We will continue to leverage our experience and technological strength to offer superfast UPI Money Transfer and the convenience of using Paytm Wallet & bank account for everyday payments”.

Paytm Payments Bank had 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. paytmPublished on January 13, 2022

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