The State Bank of India secured a top position among top UPI Remitter Banks, with a transaction volume of 656.92 million, followed by HDFC Bank - 207.27 million, Axis Bank - 164.27 million, and Paytm Payments Bank - 149.32 million. According to data released by the National Payments Corporation of India, Paytm Payments Bank topped the beneficiary list.
In terms of the volume and amount of transactions, it facilitated, PhonePe was the most prominent app on the UPI platform. In February, PhonePe was the most popular app in the category, with 975.53 million customer-initiated UPI payments totalling Rs 1,89,517.82 crore.
|Bank||Transaction Volume in Million||Transactions Value in Crore|
With 389.24 million transactions, Paytm Payments Bank led the UPI beneficiary group, indicating that money was earned by account holders through the UPI platform. In the beneficiary section, transactions on the Paytm Payments Bank platform increased by 5.5 percent over the previous month, according to the business.
PhonePe was followed by Google Pay with 827.86 million transactions worth Rs 1,74,455.33 crore, Paytm Payments Bank with 340.71 million transactions worth Rs 38,493.52 crore, and BHIM 20.44 million transactions, Rs 6,379.91 crore.