New Delhi, June 2: Unified Payments Interface-based transactions hit a new milestone in May with a staggering nine billion transactions worth Rs 14.89 lakh crore.As India is rapidly adopting UPI-based payments, Paytm Payments Bank, an Indian homegrown company, has been at the forefront of leading this revolution in the banking space. Unified Payment Interface (UPI) is a popular digital payment method that allows people to transfer funds from one bank account to the other on a real-time basis.
As per NPCI data, with 1.97 billion transactions in April, Paytm Bank has been India's top UPI beneficiary for almost two years. The Bank registered 403.18 million transactions in April, becoming one of the top UPI remitter banks in the country.
Paytm Bank is the largest merchant-acquiring bank on UPI. In a tweet, the Bank mentioned it has almost 40 per cent market share as a merchant acquiring bank.
According to an NPCI report, as a Payee PSP (Payment Service Provider), Paytm Payments Bank registered 1,209.18 million transactions and as a Payer PSP, it registered 765.29 million transactions.
The Bank merchant acquiring model has made it a market leader in UPI person-to-merchant (P2M) transactions.
Merchants on the Paytm ecosystem, where Paytm Payments Bank is the Payee PSP, accounted for almost 40 per cent of all UPI person-to-merchant transactions.
It has also been an early mover in various latest technologies.
From Paytm UPI to UPI Lite and now UPI payments through RuPay credit cards, the Bank is the first to bring industry-first technology to consumers.
After UPI interoperability, Paytm Bank announced prepaid payments instruments (PPIs)/wallets interoperability that has given a further boost to UPI payments and Paytm Wallet.Also, powered by the technology of Paytm Bank, its associate Paytm recently launched a next-gen feature for fastest UPI checkout experience for users.
Paytm Bank continues to be the most preferred destination for most of India's UPI transactions, especially for UPI person-to-merchant payments.
What makes Paytm Bank unique is that it is a National Payments Corporation of India (NPCI) certified payment service provider (PSP) as well as an issuer bank for UPI transactions. This makes it the source and destination for all transactions.
Notably, the Bank has one of the lowest technical decline rates amongst beneficiary and remitter UPI banks, making it a dependable platform for merchants and users looking to access payments and financial services.
(ANI | Posted on 03 June 2023, 1695705353 44O192O254O173)