Among India's top 30 UPI remitters, Union Bank of India continued to witness the highest failure rate for UPI transactions in January.
The State Bank of India secured a top position among top UPI Remitter Banks, with a transaction volume of 664.75 million, followed by HDFC Bank - 206.65 million, Axis Bank - 173.38 million, and ICICI Bank - 152.06 million.
SBI has approved 91.73% of UPI transactions on the remitter side and 97.59% on the beneficiary side.
Among beneficiary banks, Paytm Payments Bank -368.90 million, SBI- 354.61 million, Yes Bank 273.95 million, ICICI Bank - 23 59 million, and Axis Bank- 207.61 million witnessed the highest volume.
However, with a volume of 332.69 million worth Rs 37,845.76 crore, Paytm Payments Bank remained the distant third player. It recorded the lowest Transaction Decline (TD) rate of 0.05% among remitter banks on 145.61 million transactions.
Transaction Decline (TD) is a decline due to technical reasons like unavailability of systems and network issues on the bank or NPCI side.
Business Decline (BD) any decline due to non-technical reasons like entering an invalid pin.
Remitter Bank is a bank that sends the money. Beneficiary Bank is one that receives money.
Top-performing UPI apps
In January, PhonePe was the highest UPI app, processing 968.72 million UPI transactions involving almost Rs 1.92 lakh crore, followed by Google Pay with 853.53 million UPI transactions involving almost Rs 1.77 lakh crore. The other UPI apps that did well are Paytm Payments Bank App, Axis Bank and Amazon Pay.
|UPI Remitter Banks - Top 5 Banks (January'21)|
|Sr. No.||UPI Remitter Banks||Total Volume (In Mn)||Approved %||BD %||TD %|
|1||State Bank Of India||664.75||91.73%||6.83%||1.44%|
|2||HDFC BANK LTD||206.65||94.03%||4.62%||1.35%|
|3||Axis Bank Ltd.||173.38||96.39%||3.51%||0.10%|
|5||Paytm Payments Bank||145.61||91.85%||8.10%||0.05%|