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Paytm Payments Bank on Tuesday said it has become the largest beneficiary bank on the Unified Payments Interface (UPI) platformm, with 469.84 million transactions in March, an increase of almost 21 per cent month-on-month. The country’s largest lender State Bank of India (SBI) is behind Paytm Payments Bank with 413.33 million transactions in March, followed by Yes Bank, ICICI Bank, Axis Bank, and HDFC Bank. Beneficiary banks are those in which the account holder is receiving money. When it comes to remitter banks, Paytm Payments Bank is fifth on the list, with 173.09 million transactions in March. SBI is leading the list with 775.55 million transactions, followed by HDFC Bank with 244.63 million transactions. Axis Bank and ICICI Bank are third and fourth on the list of remitter banks with the highest transactions.
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Paytm Payments Bank hits 970M digital transactions in March
Noida-based fintech startup Paytm Payments Bank s banking service counts over 64 million bank accounts, with deposits crossing Rs 3,200 crore.
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Paytm Payments Bank on Tuesday said it
registered 970 million digital transactions in March 2021 with growth reported across its various services, including
UPI, Wallet, and internet banking, among others.
The Noida-based fintech s banking arm said it is opening an average o
f one million savings and current accounts per month.
Paytm s Wallet services saw a growth of 15 percent in transactions month-on-month, the startup said, adding over 78 percent of its 325 million account holders use the service on a daily basis.
Digital payments firm Paytm Payments Bank on Monday said Securities and Exchange Board of India has approved Paytm UPI handle to enable fast and seamless payment mandates for IPO applications.
Paytm Payments Bank (PPBL) has also entered into a partnership with Paytm Money to enable payment mandates for IPO applications. Paytm Money has the aim to bring 10 million Indians to equity markets by the financial year 2022. By enabling @paytm UPI to apply for IPO, we are giving millions of investors the ease of seamless, secure, and rapid payments to help enhance their financial portfolio. We believe that every Indian has a right to access capital markets and benefit from the burgeoning list of successful companies which are listing in the stock market, PPBL MD and CEO Satish Gupta said in a statement.