According to data released by the National Payments Corporation of India, SBI became the leading remitter on the UPI platform in February, while Paytm Payments Bank led the chart on the beneficiary segment. PhonePe holds top position in the app category on the UPI platform in terms of volume and amount involved in transactions. According to data released by the NPCI, the State Bank of India (SBI) recorded a transaction amounting to 656.92 million in February, which was the money sent from the bank using the UPI platform. It was followed by HDFC Bank with a remittance transaction of 207.27 million, Axis Bank (164.27 million), Paytm Payments Bank (149.32 million) and ICICI Bank (148.98 million).
Paytm Payments Bank has led the category of UPI beneficiaries with 389.24 million transactions, which means the money was received by account holders through the UPI platform. It was followed by SBI with 352.24 million transactions, Yes Bank (272.55 million), ICICI Bank (211.14 million) and Axis Bank with 204.37 million transaction for UPI beneficiaries.
Paytm said it had registered the lowest technology decline rate of 0.11% compared to all UPI remittance banks and 0.04% compared to all UPI beneficiary banks. “Payments to the Paytm Payments Bank platform increased by 5.5% in the share of beneficiaries compared to the previous month”, the company said in a statement.
“We have seen rapid adoption of our UPI payments service across the country as more users are using our seamless technology that provides a faster payment experience. Our performance as reflected in the latest NPCI report is a testament to the trustworthy and long-term relationship we have with our partners,” said Paytm Payments Bank MD and CEO Satish Gupta.
PhonePe has topped in the app category with 975.53 million customers who have started trading with UPI payments involving a total of Rs 1,89,517.82 crores in February.
“We are pleased to be a leader in the operations of UPI vendors. Our leadership in the P2M space is due to the expansion of the market and the large number of people using our platform in small towns,” said PhonePe Vice President – Offline Business Development, Vivek Lohcheb.
PhonePe was followed by Google Pay with 827.86 million transactions including Rs 1,74,455.33 crores, Paytm Payments Bank (340.71 million transactions, Rs 38,493.52 crores) and BHIM (20.44 million transactions, Rs 6,379.9 crores).
