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Monday, April 12, 2021

Paytm Payments Bank top beneficiary bank for UPI payments: NPCI – Latest News

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India’s home-grown Paytm Payments Bank Ltd (PPBL) has announced that it leads as the largest beneficiary bank ahead of all major banks in the country. It is also rapidly gaining traction as a remitter bank for UPI payments among banks such as SBI, HDFC, Axis and ICICI.

According to the latest report by the National Payments Corporation of India (NPCI), PPBL has registered 389.24 million transactions in the month of February 2021 as a beneficiary bank, with a month-on-month increase of 5.5%. Beneficiary banks are the banks of the account holder who is receiving money.

Satish Gupta, MD & CEO of Paytm Payments Bank Ltd said, “UPI payments are an integral part of PPBL’s ecosystem and we have built one of the finest technology infrastructures to facilitate such transactions. Our tech team, which comprises the best minds in the business, works round the clock to provide a seamless and efficient experience to our users and merchant partners. We have witnessed rapid adoption of our UPI payments service across the country as more users are embracing our seamless technology that powers a fast payment experience. Our performance as highlighted in the latest NPCI report is a testament to the trusted & long-lasting relationship that we have with our partners.”

Paytm PaymentsBank already has over 100 million UPI handles on its platform and is accelerating the growth of UPI payments at offline retail stores and even large merchants.

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