India’s homegrown Paytm Payments Bank Ltd (PPBL), has once again outperformed all major banks in India in terms of the success rate of UPI transactions. According to the latest report by the National Payments Corporation of India (NPCI), PPBL has the lowest technical decline rate at 0.02% among all UPI remitter banks and 0.04% among all UPI beneficiary banks.
All other major banks have a way higher technical decline rate of around 1%. This confirms the superiority of the in-house technology-infrastructure at Paytm Payments Bank and has been the key reason for its success.
While for other banks UPI transactions are mostly driven by third-party apps, PPBL is the only bank in the country that organically drives UPI transactions from Paytm’s ecosystem, unlike other banks who rely on third-party apps. PPBL already has over 100 million UPI handles on its platform and is accelerating the growth of UPI payments at offline retail stores and even large merchants.
Satish Gupta, MD & CEO of Paytm Payments Bank Ltd, said, “Our performance in the latest NPCI report is a testament of the hard work that the team puts in to provide the best technology infrastructure in the global banking space. We are well ahead of others when it comes to leveraging AI and Big Data to offer innovative products & services to our customers across the country.”
“Our tech team which comprises of the best minds in the business, work round the clock to provide a seamless and efficient experience. This has helped us build a trusted & long-lasting relationship with our partners,” Gupta said.
PPBL continues to be India’s most successful payment bank and a comprehensive platform of funding sources. Besides 100 million UPI handles, there are 350 million wallets, 220 million saved cards and 60 million bank accounts on the platform.