We at Paytm Payments Bank are revolutionizing the Indian digital banking space which has grown leaps and bounds over the last four years. Today, we facilitate users with new-age internet banking on their smartphones, offering current and savings accounts, fixed deposits with partnered banks, net-banking, debit card, wallet, FASTag payments, UPI and a variety of other banking services.
Our play in UPI is very different from the horde of TPAs in India
We have one of the largest and robust platforms for UPI transactions. And we have achieved this feat without relying on marketing spends like cashbacks for growth.
Paytm Payments Bank is an NPCI certified PSP (Payment Service Provider) and Issuer Bank for UPI transactions. Multiple other third-party apps (TPAs) are merely acquirers of UPI transactions with support of PSP banks. On the other hand, Paytm Payments Bank being an Issuer and PSP Bank in itself along with being an acquirer of UPI transactions on its own platform, makes it the source and destination for all of its transactions. So, Paytm Payments Bank serves the customer end-to-end in a transaction.
NPCI data reflects how we have established leadership in the industry:
1. Superior technology resulting in highest success rate is doubling growth
Our growth in UPI has been led by the fact that we have built a robust infrastructure, ensuring our customers enjoy seamless transactions. So, customers and merchants who had been riddled with pending and failed payment issues, are increasingly preferring to use Paytm Payments Bank Ltd for sending and receiving money via UPI given its overall faster payment experience and lower technical failures.
2. In UPI, Paytm Payments Bank is the most trusted bank for receiving funds
We are the largest beneficiary bank for UPI transactions for over three months in a row, ahead of other traditional financial institutions. Beneficiary banks are banks where UPI users receive their money. So, simply put, more and more users are preferring to direct their funds in their Paytm Payments Bank accounts than the commercial banks. These funds are then further used by our customers for banking, digital payments and various other financial services on the platform.
(source: NPCI report)
3. Gaining traction as a leading remitter bank for UPI payments
We are one of the largest remitter banks with 164 Mn transactions (April’21), and this is despite PPBL currently having a limit on deposits of uptil INR 1 lakh. As the proposed extension to INR 2 lakh as per the new regulations comes into place, we are sure to attract more users.
4. Leveraging automation, PPBL ensures a customer’s money is never lost
We have the highest debit reversal rate at 99.61%, which means it successfully refunds money into a user’s account, without manual intervention. In the very rare occasion of a failed transaction on PBBL platform, the user is rest assured that their money is safely deposited back in their account. This is possible because of our innovative and advanced technical infrastructure, which leverages automation to immediately process refunds.
5. Our versatility in UPI transactions is a merchant’s favourite
In the offline merchants space, we have over 20 million merchants, spread across Tier I to Tier V cities in India. Our offerings to enable digital UPI transactions go beyond our app to also include Paytm QR, IoT devices and Paytm Soundbox. It is our diverse set of solutions, which has given merchants from all categories, whether it is a sabziwala or a large-scale enterprise store, to transact easily through UPI.
Paytm Payments Bank Ltd has become one of the largest enablers for digital payments. In March 2021, we processed over 970 million transactions. With over 64 million accounts, our total deposits have crossed over INR 3200 crore. This growth has been achieved through an increasing number of transactions in Paytm Wallet, FASTag payments, banking services. To know more, read Paytm Payments Bank becomes the largest enabler of digital transactions in India.