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    Blackk & One Sports Foundation organizing Yonex – Sunrise Gujarat State Badminton Championship 2022

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    Gujarat CM felicitates family members of organ donors

    Gujarat CM felicitates family members of organ donors

    Gujarat CM launches 17th edition of Shala Praveshotsav from Memadpura primary school in Banaskantha

    Gujarat CM launches 17th edition of Shala Praveshotsav from Memadpura primary school in Banaskantha

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    Blackk & One Sports Foundation organizing Yonex – Sunrise Gujarat State Badminton Championship 2022

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    Drishti Issues Advisory for coast of Goa for the Monsoon Months of June to September

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    Prawaas 3.0 – India’s flagship event on Public Transport to be held in Hyderabad from August 4-6

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    NSDL’s Market Ka Eklavya-Express Program reaches over 4,000 students across 75+ cities covering all States of India

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    MG Motor India presents Hector and ZS EV to ITIs in Gujarat to strengthen skill development

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    Seagull Advertising the start-up brand launch accelerator of Pune

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    GO FIRST announces new direct flights to Kuwait and Muscat from Kochi

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    Fire Evacuation is a major concern, state Fire Experts; as Vadodara Fire Incidence brings fire risks to the fore

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    Guj CM approves projects of drinking & irrigation water to 135 villages

    Guj CM approves projects of drinking & irrigation water to 135 villages

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    iCreate launches EVangelise’22, India’s largest EV innovation challenge connecting the EV industry to breakthrough innovators

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    Five students across grades shortlisted for an all-inclusive trip to NASA by Aakash+BYJU’S from Anthe 2021

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    Avtar Partners with Google for the 3rd Consecutive Year

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Paytm Payments Bank becomes the largest enabler of digital transactions

NewsMonks by NewsMonks
1 year ago
in Android Os, Business, Economy, Technology
3 min read
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Paytm Payments Bank becomes the largest enabler of digital transactions
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Paytm Payments Bank becomes the largest enabler of digital transactions, registers lead in Wallet, FASTag, UPI, Bill Payments & Domestic Money Transfers

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– Becomes India’s first Payments Bank to achieve 970 million digital transactions in March 2021
– India’s largest digital banking service provider with 64 million bank accounts, deposits over Rs 3200 Crores
– Ahead of all Indian banks in terms of users’ preference to receive UPI payments
– Largest UPI beneficiary bank with over 99.96% success rate and rapidly gaining traction as a remitter bank, as per NPCI report
– Paytm Wallet strengthens its position as the strongest digital payments service with 325 million wallets
– PPBL leads the largest issuer of FASTags preferred by over 9 million electronic toll tags sold across the country

India’s homegrown Paytm Payments Bank Ltd (PPBL) has today announced that it has become the top enabler of digital payments in the country by registering over 970 million digital transactions in the month of March 2021. This achievement has been led by the growth in transactions on Paytm Wallet, Paytm FASTag, Paytm UPI, and internet banking over the last several quarters. PPBL which is rapidly gaining the trust of millions of Indians is now opening on an average 1 million savings and current accounts a month.  With over 64 million accounts, the bank’s total deposits have crossed over Rs 3200 crores.

Top beneficiary bank for UPI payments with the industry’s best success rate
PPBL continues to be the largest beneficiary bank for UPI transactions and registers the highest success rate in the industry. It is also rapidly gaining traction as a remitter bank for UPI payments. The NPCI data also reveals that it has the lowest technical decline rate at 0.11% among all UPI remitter banks and 0.04% among all UPI beneficiary banks.

Paytm Wallet continues to grow with merchant payments accounting for 85% of its overall transactions
PPBL has democratized online transactions in the country with the Paytm Wallet and continues to remain the strongest digital payments service provider, witnessing consistent growth of 15% month-on-month. Paytm Wallet has consolidated its position as the leading digital payments service with 325 million wallet accounts. Over 78% of Wallet account holders use it for payments on a daily basis. The massive adoption of Paytm Wallet by the masses can be also be gauged from the fact that *85% of wallet transactions are merchant transactions across online platforms and Kirana stores.

Largest enabler of digital toll payments with 9 million FASTags
With over 9 million FASTags sold and 42 million monthly issuer transactions, Paytm Payment Bank’s FASTag has become India’s most preferred instrument for digital toll payments as it allows users to directly pay from their Paytm Wallet. It has gained immense popularity amongst vehicle owners including commercial transport due to its seamless onboarding and integration process which requires minimum documentation, instant activation, and unmatched customer care support. Also, PPBL has now enabled cashless toll payments across 270 plazas and registers over 57 million monthly acquirer transactions.

Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd said, 
“Our leadership in digital banking and payments is a testimony to the trust that the whole country has shown in our services. We will continue to empower more merchants across the country to join the digital payment ecosystem and benefit from our innovative & personalized offerings. We are committed to playing a key role in building Atmanirbhar Bharat.”

Tags: PayTmPaytm Payment
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