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Paytm Payments Bank Receives Highest Success Rate of UPI Transactions: Report

PPBL processed over 169 million UPI transactions in the month of January, ahead of several major banks including SBI, HDFC Bank and ICICI Bank

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Paytm Payments Bank said this confirms its superiority to technology infrastructure which has been the key reason for its success. Wikimedia Commons

Paytm Payments Bank Ltd (PPBL) has scored a higher success rate of UPI transactions than most major banking players such as Axis Bank, Yes Bank, HDFC Bank and the State Bank of India (SBI), among others, according to a report from the Ministry of Electronics and Information Technology (MeitY).

According to the January 2020 scorecard released by MeitY, PPBL has the lowest technical decline at 0.02 per cent, while other major banking players have way higher technical decline rates of around 1 per cent.

Technical declines here represent UPI transactions that failed due to a technical issue.

Paytm Payments Bank said this confirms its superiority to technology infrastructure which has been the key reason for its success.

“Our technology infrastructure is one of the best in the global banking industry and this is best reflected in the monthly scorecard of MeitY,” Satish Gupta, MD & CEO of Paytm Payments Bank, said in a statement on Monday.

PPBL processed over 169 million UPI transactions in the month of January, ahead of several major banks including SBI, HDFC Bank and ICICI Bank.

While for other banks, UPI transactions are mostly driven by third-party apps, PPBL is the only bank in the country that organically drives UPI transactions from within Paytm’s ecosystem.

PPBL already has over 100 million UPI handles on its platform and is accelerating the growth of UPI payments at offline retail stores.

UPI
Paytm Payments Bank Ltd (PPBL) has scored a higher success rate of UPI transactions than most major banking players such as Axis Bank, Yes Bank, HDFC Bank and the State Bank of India (SBI), among others, according to a report from the Ministry of Electronics and Information Technology (MeitY). Wikimedia Commons

“We leverage AI (Artificial Intelligence) and Big Data to offer innovative products & services to our customers across the country. Our tech team employs the best minds and works round the clock to provide a seamless and efficient experience to our users. This has helped us build a trusted & long lasting relationship with our partners,” Gupta said.

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PPBL continues to be India’s most successful payment bank and a comprehensive platform of funding sources. Besides 100 million UPI handles, there are 300 million wallets, 220 million saved cards and 55 million bank accounts on the platform. (IANS)

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UPI Continues To Remain The Most preferred Mode of Payment in India

The country has witnessed full range of Aadhaar enabled banking services through AePS over the past few years

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UPI
UPI is perhaps the fastest product to hit 1 billion transactions-a-month in 2019 since its inception in August 2016. Wikimedia Commons

Unified Payments Interface (UPI) remained the most preferred mode of payment in terms of volume followed by debit cards, Immediate Payment Services (IMPS) and credit cards, said a new report on Thursday.

UPI recorded a transaction volume of 10.8 billion in 2019, a year-over-year increase of 188 per cent, said the report from payments company Worldline India (WI). “UPI is perhaps the fastest product to hit 1 billion transactions-a-month in 2019 since its inception in August 2016,” said the “India Digital Payments Report 2019”.

The findings of the report suggest that in India, digital payment products are being primarily utilised for person-to-person (P2P) transactions than person-to-merchants (P2M) transactions.

In terms of value, UPI facilitated transactions worth Rs 18.36 trillion, up 214 per cent from 2018. Nine banks were added in UPI ecosystem throughout the year, bringing the total number of banks providing UPI services to 143 as of December 2019.

Some of the key factors that powered UPI’s transactions growth in 2019 are adoption of UPI 2.0 features by banks, enabling payments for IPO applications, facilitating Foreign Inward Remittance service, supporting donations for several relief programs, and numerous cashbacks and discounts offered by banks and non-bank players, said the report.

Immediate Payment Service (IMPS) recorded 55 per cent year-over-year increase by facilitating about 2.3 billion transactions in volume. It clocked Rs 21.8 trillion in terms of value, up 41 per cent from 2018.

In 2019, it on-boarded 165 banks under its ecosystem bringing the total number of banks providing IMPS services to the customers of 559 banks by end of 2019. “In terms of value, IMPS attained the ‘numero uno’ position throughout the year followed by UPI. Value of debit and credit cards remained nearly the same throughout the year,” said the report.

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Unified Payments Interface (UPI) remained the most preferred mode of payment in terms of volume followed by debit cards, Immediate Payment Services (IMPS) and credit cards. Pixabay

In 2019, UPI, debit cards, IMPS and credit cards together recorded a combined transactions volume of over 20 trillion and combined value of over Rs 54 trillion, said the report. The country has witnessed full range of Aadhaar enabled banking services through
AePS over the past few years.

In 2019, the total volume of Aadhaar Enabled Payment System (AePS) transactions (ONUS, OFFUS, DEMO AUTH and eKYC) stood at 2.3 billion, achieving year-over-year growth of 12 per cent. The value of transactions achieved a milestone of Rs 1 trillion in 2019 with year-over-year growth of 31 per cent, said the report. For the research, Worldline analysed transactions available in public databases as well as transactions processed by the company in 2019.

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Worldline India (WI) is wholly owned by Worldline SA, a leading payments company in Europe that is listed on Euronext Paris. Worldline entered India in 2010 with the acquisition of Venture Infotek followed by the acquisition of MRL Posnet in 2017. (IANS)