With 155 Million UPI Handles, Paytm Payments Bank is Largest Beneficiary Bank

 - Sakshi Post

Mumbai: India’s leading digital payments and financial services Paytm filed its DRHP on July 15, 2021, for SEBI’s approval for its $2.2 billion IPO. In its prospectus, the numbers of Paytm Payments Bank revealed how the company is faring in the UPI game. Paytm Payments Bank Ltd (PPBL), has 155 million UPI handles on its platform and is accelerating the growth of UPI payments at retail stores and even large merchants, as stated in its DRHP.

Paytm Payments Bank is an NPCI certified Payment Service Provider and Issuer Bank for UPI transactions. “This, along with being an acquirer of UPI transactions on its own platform, allows PPBL to serve a customer end-to-end in a UPI transaction,” said the company in its DRHP. For the fourth quarter ended March 31, 2021, Paytm Payments Bank was the largest UPI beneficiary bank with a market share of 17.1%, according to RedSeer.

In the DRHP submitted by One 97 Communications Limited to SEBI, the company mentions, “Paytm UPI handles have been created by the Paytm Payments Banks and are used to send and receive payments. Users use these for money transfers, on the Paytm app, to add money to the Paytm wallet and at third-party merchants, and make payments by scanning any UPI QR code. Our users can register for Paytm UPI using their Paytm app and transact digitally in a secure manner, as well as instantly check the balance of the linked account.”

In April 2021, according to RedSeer and NPCI, Paytm Payments Bank had the lowest technical decline rate of 0.01% as a remitter bank while other banks had a weighted average of 1.06%. Whereas, as a beneficiary bank, Paytm Payments Bank had the lowest technical decline rate of 0.01% while other banks had a weighted average of 0.35%.

Paytm Payments Bank has the largest scale among all licensed Payments Banks in India, according to RedSeer, in terms of mobile transactions. As per the DRHP, Paytm Payments Bank offers one of the most comprehensive suites of digital banking products, for individuals, small and medium enterprises, and large corporates which can be accessed directly by users through Paytm app.

As of March 31, 2021, Paytm Payments Banks had 64 million savings accounts, and over ₹52 billion deposits, including savings accounts, current accounts, fixed deposits with partner banks, and balance in wallets, as stated in the DRHP.

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