Paytm Payments Bank Limited (PPBL) has scored a higher success rate of UPI transactions than most major banking players such as Axis Bank, Yes Bank, HDFC Bank, SBI, etc. According to the January 2020 scorecard released by the Ministry of Electronics and Information Technology (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. This confirms the superiority of technology-infrastructure at Paytm Payments Bank and has been the key reason for its success.
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 the 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.
Commenting on the development, Satish Gupta, managing director and chief executive officer of Paytm Payments Bank said, “Our technology infrastructure is one of the best in the global banking industry and this is best reflected in the monthly scorecard of MeitY. We leverage AI 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.”
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.