Paytm Payments Bank Limited (PPBL) has reported that it is the country's largest beneficiary bank, surpassing all leading banks. As per the latest study from the National Payments Corporation of India (NPCI), PPBL reported 469.84 million transactions as a beneficiary bank in March 2021, a growth of 20.7 percent month on month. Paytm Payments Bank is also quickly gaining momentum as a remitter bank, with over 15.9% month-on-month growth and the highest success rate of 173.09 million transactions in March. In terms of the success rate of UPI transactions, PPBL has managed to surpass other banks. According to NPCI reports, it has one of the lowest technical drop levels among all UPI beneficiary banks, at 0.03 percent, and the lowest among all UPI remitter banks, at 0.05 percent. The bank has strengthened on these parameters since February, when it had a technical fall of 0.04 percent when compared to all UPI beneficiary banks and 0.11 percent when compared to all UPI remitter banks. Each of the major banks has a much higher technical fall of about 1%.
It has developed to become the country's largest facilitator of digital payments, thanks to merchant payments and rapid growth in small cities and towns. Customers and merchants who have had outstanding and missed payments with other banks are increasingly opting to send and receive money through UPI via Paytm Payments Bank due to its immense faster payment interface and lower technological disruptions. Paytm Payments Bank announced last week that it had processed over 970 million digital transactions in March 2021, with growth driven by Paytm Wallet, Paytm FASTag, Paytm UPI, and the digital era. It has also surpassed an all-time monthly goal by opening over 1 million new savings and current accounts, bringing the total number of bank accounts to 64 million. Over Rs. 3200 crores has been deposited in Paytm's bank account and wallet.
Paytm Payments Bank Ltd's MD and CEO, Satish Gupta said that "With every passing month, we are seeing more people using us to scan the UPI QR-codes or using Paytm UPI to make payments making us the most trusted bank for UPI payments. We are providing the fastest & most seamless UPI payments service and our success can be gauged from the monthly NPCI data that shows us as the top beneficiary bank with the highest success rate. 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 & personalized offerings."
Meanwhile, Paytm, India's leading mobile payments and commerce platform, announced Monday that it has added 242,904 stock options, bringing the total ESOP value to $604 million. The introduction brings the total number of ESOP options to 2.4 million. During its annual performance appraisal, Paytm, which is estimated at over $16 billion, expects to award additional stock options to more employees. During its annual performance appraisal, the company expects to honour the expanded stock options to more employees, according to the company. Paytm changed several facets of its ESOP policy last year in order to entice and maintain skillful workforce. It recently unveiled a range of new products and services targeted at facilitating both experienced and novice investors. In the fiscal year 2022, it plans to have over 10 million users and 75 million annual transactions.