Paytm Payments Bank Tops in Wallet, FASTag, UPI in March

Business

oi-Sneha Kulkarni

By Sneha Kulkarni

Published: Wednesday, April 14, 2021, 12:35 [IST]

India's Paytm Payments Bank Ltd (PPBL) announced on Tuesday that it had registered over 970 million digital transactions in March 2021, making it the country's top enabler of digital payments. This increase in digital transactions, according to PPBL, is due to transactions in Paytm Wallet, Paytm FASTag, Paytm UPI, and internet banking over the last few quarters.

Top beneficiary bank for UPI payment

According to a recent report by the National Payments Corporation of India (NPCI), Paytm Payments Bank has the best technology for UPI payments. PPBL has the lowest technical decline rate of 0.02% among all UPI remitter banks and 0.04% among all UPI beneficiary banks, according to the study.

All of India's other major banks have a far higher technical decline rate, about 1%. The superiority of our in-house technology infrastructure is the primary reason for our phenomenal success.

FASTag - Largest digital toll payments

Users can also pay directly from their Paytm Wallet without having to provide any KYC or bank account details. You can use the Paytm wallet for all your toll-related transactions without having to pay for a separate FASTag recharge, which might cause your money to be blocked. According to the mint, 9 million FASTags are sold per month, with 42 million monthly issuer transactions.

Digital Payments

About 78% of Wallet account holders use it for regular payments. The fact that 85% of wallet transactions are merchant transactions through online platforms and Kirana stores demonstrates the widespread acceptance of Paytm Wallet.