Paytm, FASTag, UPI News: India’s native Paytm Payments Bank Ltd (PPBL) announced Tuesday that it has become the leading digital payments provider in the country with the registration of over 970 million digital transactions in March 2021, growing transactions with Paytm Wallet, Paytm FASTag, Paytm UPI and Internet banking in the last few quarters. “PPBL is now opening an average of 1 million savings and checking accounts per month. With over 64 million accounts, the bank’s total deposits have exceeded 3,200 rupees,” a statement from Paytm said.
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Satish Kumar Gupta, CEO and General Manager of Paytm Payments Bank Ltd, said, “Our leadership in digital banking and payments is a testament to the confidence that the whole country has shown in our services. We are determined to play a key role in building Atmanirbhar Bharat. ”
Top beneficiary bank for UPI payments with the best success rate in the industry
PPBL continues to be the largest beneficiary bank for UPI transactions and has the highest success rate in the industry. It is also rapidly gaining importance as a transfer bank for UPI payments. The NPCI data also shows that it has the lowest technical decline rate of 0.11% among all UPI remittance banks and 0.04% among all UPI recipient banks.
Paytm wallet merchant payments make up 85% of total transactions
Paytm Wallet is still the strongest provider of digital payment services and has seen constant growth of 15% compared to the previous month. Paytm Wallet has cemented its position as the leading digital payment service with 325 million wallet accounts. Over 78% of wallet account holders use it for payments on a daily basis. The massive acceptance of Paytm Wallet by the masses can also be seen from the fact that 85% of wallet transactions are merchant transactions via online platforms and Kirana stores.
Largest pioneer for digital toll payments with 9 million FASTags
With over 9 million FASTags sold and 42 million monthly issuer transactions, Paytm Payment Bank’s FASTag is India’s most popular digital toll payment tool as users can pay directly from their Paytm wallet. In addition, PPBL has now made cashless toll payments possible at 270 locations and registers over 57 million monthly acquirer transactions.
