State Bank Of India (SBI) and Axis Bank, followed by HDFC Bank, Paytm Payments Bank, and ICICI Bank are India’s top five remitter banks, in terms of volume of Unified Payments Interface (UPI) transactions, according to latest data shared by National Payment Corporation of India.
The country’s largest public sector bank recorded 599.24 million transactions in October, with a technical decline (TD) rate of 3.74%, as per data shared by UPI operator NPCI.
A technical decline, NPCI said, occurs due to reasons such as unavailability of systems and network issues on its or the bank’s end. SBI recorded 7.1% business decline, which accounts for payment problems on the customer’s end.
Axis Bank recorded a total of 184.44 million transactions with a TD of 0.16%. HDFC Bank registered 179.50 million transactions with a TD of 0.81%, while Paytm Payments Bank reported 138.93 million transactions with a TD of 0.02% and ICICI Bank was at 133.83 million transactions with a TD of 0.26%.
In terms of scoring the highest TDs in the month, Corporation Bank had the highest technical decline rate of 14.84%, over a total transaction of 20.18 million.
Total volume in the shared data set of top 30 UPI remitter banks, for October, totalled to about 2.2 billion transactions. The group accounts for remitters or the account holders who send the money, using UPI.
A separate list of top 30 UPI beneficiary banks, which house account holders who receive money via UPI contained names of SBI, Paytm Payments Bank, Yes Bank, ICICI Bank, and Axis bank, in descending order. Total transactions, on this list, totalled to a little over 2 billion.