– Beneficiary banks are the banks of the account holder who is receiving money
– Registers 159.85% year-on-year growth in Oct-Dec ‘21 quarter in beneficiary transactions
– Shows customer preference in receiving money in their Paytm Payments bank account to use it for everyday payments or for savings
Mumbai, 18th January 2022: India’s homegrown Paytm Payments Bank Ltd (PPBL) 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. 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 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%. 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 Oct-Dec ‘21 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 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 .
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.
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.