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Paytm Payments Bank Ahead of Major Banks in Digital Transaction Target

Paytm Payments Bank has a market share of 19 per cent and 32 per cent respectively, in terms of mobile banking and UPI transactions

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Not charging extra for digital transactions: Paytm. Wikimedia Commons

Paytm Payments Bank has received a target of 501.16 crore digital transactions for the financial year 2019-20 from the Ministry of Electronics and Information Technology (MeitY), higher than the targets set for major banks including HDFC Bank, ICICI Bank and Punjab National Bank.

In a statement, Paytm Payments Bank said it is only behind the State Bank of India, which has the highest target for digital transactions.

Only five other banks have received a target of more than 100 crore transactions, which include HDFC Bank, ICICI Bank, Axis Bank, Punjab National Bank and Union Bank of India.

“To promote digital transactions in India, MeitY sets the target for all banks and closely monitors the progress on it. This target is significant as it is much higher than the target set for major banks like HDFC, ICICI and Punjab National Bank. It reaffirms Paytm as the leader of digital payments in the country,” the statement said.

Paytm Logo. Wikimedia

In FY 2018-19, the payments bank surpassed the target of 354 crore transactions and recorded 393 crore digital transfers.

Paytm Payments Bank has a market share of 19 per cent and 32 per cent respectively, in terms of mobile banking and UPI transactions.

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“Nearly a third of the total mobile banking transactions in India are powered by Paytm Payments Bank and it processes over Rs 3 lakh crore worth of digital transactions on an annual basis,” it said.

As of April 2019, Paytm Payments Bank had more than Rs 500 crore deposits in savings accounts, which makes it the largest payments bank in India in terms of deposits, the statement said, adding that the bank is aiming to introduce more products and features to increase the monthly processing of savings account payments from Rs 24,000 crore to Rs 40,000 crore in FY 2019-20. (IANS)

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Paytm Payments Bank led Digital Transactions in July: Report

For other banks, the numbers are less than 1 per cent barring Canara Bank which reported more than 1.4 per cent transaction declines on UPI, the MeiTY report said

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Paytm Logo. Wikimedia Commons

Paytm Payments Bank (PPB) led the rankings in number of digital transactions reported in the month of July, a report by Ministry of Electronics and Information Technology (MeiTY) has said.

“MeiTY has set up the ”Digital Payment Mission” with a target of 4,019 crore digital payment transactions in FY 2019-2020 and Paytm Payments Bank reached 102.01 per cent of the set target,” Paytm Payments Bank said in a statement.

According to a Paytm Payments Bank spokesperson, the company was set a target of 5 billion digital transactions for the full year but it recorded 1.3 billion transactions in the first three months of the year.

The bank has also on-boarded almost 1 million rural merchants in the same period.

Paytm has also displayed one of the highest rates of successful transactions in the month, with just 0.03 per cent of the transactions on UPI being declined, among the best in the industry, as per the report card.

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For other banks at the top, the numbers are less than 1 per cent, except for Canara Bank which reported more than 1.4 per cent transaction declines on UPI.

The public-sector entities that have been rated ”good” in the list include Canara Bank and IDBI Bank while HSBC is the only foreign bank to feature in the top seven list.

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Paytm also saw the highest rates of successful transactions in the month with just 0.03 per cent of the transactions on UPI being declined, according to the report card.

For other banks, the numbers are less than 1 per cent barring Canara Bank which reported more than 1.4 per cent transaction declines on UPI, the MeiTY report said. (IANS)