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Paytm Payments Bank largest enabler of digital payments in March

Paytm Payments Bank largest enabler of digital payments in March
Photo Credit: VCCircle
13 Apr, 2021

Paytm Payments Bank on Tuesday said it has become the largest enabler of digital payments, recording 970 million transactions across wallet, FASTag, UPI, bill payments, and internet banking services in March. 

With over 64 million accounts, the bank's total deposits have crossed Rs 3,200 crore, a statement said. Further, the company has been opening an average 1 million savings and current accounts a month as of March 2021, it said.   

The platform has also gained traction as a remitter bank for UPI payments.  

At 0.11%, Paytm Payments Bank has the lowest technical decline rate among all UPI remitter banks and 0.04% among all UPI beneficiary banks, the company said, citing data from the National Payments Corporation of India (NPCI).  

As of March, the firm’s payment wallet has grown consistently at 15% month-on-month, the statement said.  

Paytm currently has 325 million wallet accounts, and over 78% of account holders transact daily, it said. The company claimed that nearly 85% of the wallet transactions are from merchants across online platforms and kirana stores. 

“Our leadership in digital banking and payments is a testimony to the trust that the whole country has shown in our services. We will continue to empower more merchants across the country to join the digital payment ecosystem and benefit from our innovative and personalized offerings. We are committed to playing a key role in building Aatmanirbhar Bharat," Satish Kumar Gupta, CEO and managing director, Paytm Payments Bank, said in a statement. 

Paytm FASTag is available at 270 million plazas, registering over 57 million monthly acquirer transactions. In March, it sold over 9 million FASTags and had 42 million monthly issuer transactions.  

In terms of UPI payments alone, Paytm in March recorded the third highest transaction volumes, after PhonePe and Google Pay. 

Paytm recently applied for new umbrella entity (NUE) license in collaboration with Ola, PolicyBazaar, Zeta and Electronic Payment Systems.