– Paytm Payments Bank records over 957 million UPI transactions as the top beneficiary bank in Jan; leads in FASTag with a total of 1.3 crore issuances
– Continues to be the top beneficiary bank for UPI transactions in January 2022
– Maintains its stronghold in the FASTag segment, with 4.3 lakh new insurances in the month of January
– Growth in UPI and FASTag segments reflect the popularity of Paytm Payments Bank among customers
India’s homegrown Paytm Payments Bank Limited (PPBL) continues to lead the country’s United Payment Interface (UPI) ecosystem and the FASTag segment, as per data from the National Payments Corporation of India (NPCI) for January 2022.
PPBL recorded 957.39 million UPI transactions in January 2022, cementing its position further as the country’s top UPI beneficiary bank. Paytm UPI, powered by PPBL, enables super fast and secure money transfers.
The bank also maintained its stronghold in the FASTag segment, with over 4.3 lakh issuances in January 2022. Paytm FASTag has seen this immense popularity as it offers convenience to users by allowing them to directly pay from the Paytm Wallet. Users do not need to create any separate account or download a wallet to recharge their FASTags.
Top destination for UPI transactions
PPBL’s growth in the UPI ecosystem as a beneficiary bank suggests that more customers now prefer receiving money in their Paytm Payments Bank account for everyday payments or savings.
Earlier, in December 2021, PPBL became the first UPI beneficiary bank in the country to achieve a landmark of over 926 million UPI transactions in a single month. It continues to be one of the leading remitter banks for UPI transactions, as per the latest data released by the National Payments Corporation of India (NCPI).
PPBL was recently recognised by the Government of India for its role in accelerating the growth of digital payments in the country and was awarded for being the top performer in terms of volume of transactions, merchant onboarding and transaction success rate.
Leading issuer of FASTags
In January 2022, Paytm Payments Bank issued over 4.3 lakh FASTags, maintaining its stronghold in the segment.
Paytm FASTag continues to grow in popularity, aided by the bank’s emphasis on seamless onboarding with minimum documentation, instant activation and superior customer care support. Paytm FASTag has also become the preferred choice for users, as it allows them to pay directly from the Paytm wallet without the need to create any separate account for recharge.
The FASTag business has helped the bank in significantly scaling up revenue besides helping onboard new users. PPBL has so far issued more than 1.29 crore FASTags, higher than the combined number of FASTags issued by a majority of authorised banks.
PPBL is also one of the largest acquirers of Toll Plazas for the National Electronic Toll Collection (NETC) program, offering an interoperable nationwide toll payment solution. PPBL has enabled over 200 toll plazas across the National & State highways to collect toll charges digitally.
Satish Gupta, MD and CEO, Paytm Payments Bank said, “Our aim is to bring the best in digital banking to our customers and enable them with the tools for financial inclusion. We have seen great adoption of our products such as Paytm UPI and Paytm FASTag, which is a testament to the robust technology infrastructure and seamless digital banking experience we offer. We hope to continue to bring easy accessibility in digital payments for all.”
