Paytm Payments Bank registers over 970 million transactions in March ‘21

Paytm Payments Bank (PPBL) said it registered over 970 million digital transactions in the month of March 2021, led by growth in transactions on Paytm Wallet, Paytm FASTAG, Paytm UPI, and internet banking over the past several quarters.

PPBL is also averaging 1 million savings and current accounts a month, and with over 64 million accounts, the bank's total deposits have crossed over ~3200 crores. It is also rapidly gaining traction as a remitter bank for UPI payments. According to the National Payments Corporation of India data, PPBL has the lowest technical decline rate at 0.11 per cent among all UPI remitter banks, and 0.04 per cent among all UPI beneficiary banks.

“Our leadership in digital banking and payments is a testimony to the trust that the whole country has shown in our services. We will continue to empower more merchants across the country to join the digital payment ecosystem and benefit from our innovative and personalized offerings," said Satish Kumar Gupta, CEO and Managing Director, Paytm Payments Bank.

Paytm Wallet has 325 million wallet accounts, and over 78 per cent of wallet account holders use it for payments on a daily basis. The firm also said 85 per cent of its wallet transactions are merchant transactions across online platforms and kirana stores. It has also sold over 9 million FASTAGS and 42 million monthly issuer transactions.

"It has gained immense popularity among vehicle owners, including commercial transport due to its seamless onboarding and integration process which requires minimum documentation, instant activation, and unmatched customer care support. Also, PPBL has now enabled cashless toll payments across 270 plazas and registers over 57 million monthly acquirer transactions," the company said in a statement.