Insight Online News
Mumbai, Apr 13 : Paytm Payments Bank Ltd (PPBL) on Tuesday said 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 crore.
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 pc among all UPI remitter banks and 0.04 pc among all UPI beneficiary banks.
Paytm Wallet continues to grow with merchant payments accounting for 85 pc 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 pc month-on-month. Paytm Wallet has consolidated its position as the leading digital payments service with 325 million wallet accounts.
Over 78 pc 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.
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.”