Yes Bank’s UPI platform records highest transaction among all banks in Nov

Yes Bank’s UPI platform has received the highest number of transactions in November among all banks on the NPCI-owned digital payments system. According to the data shared by NPCI, Yes Bank has processed 18.93 million transactions amounting to Rs 1998.22 crore through its own UPI app in the last month. 

ICICI Bank followed with 12.71 million transactions worth Rs 2,811.39 crore. Axis Bank and State Bank of India (SBI) grabbed third and fourth spot with 5.06 million and 3.94 million transactions respectively. However, SBI processed Rs 2233.21 crore worth of transactions as compared to Axis’ Rs 464.09 crore, NPCI’s data shows.

Kotak Mahindra Bank, IndusInd Bank and HDFC recorded 1.86 million, 1.32 million and 1.24 million transactions respectively. 

Among the payments banks, Paytm Payments Bank was the top gainer with 260.09 million transactions worth Rs 28,986.93 crore. Airtel Payments Bank, India Post Payments Bank and Jio Payments Bank received 3.59 million, 0.12 million and 0.42 million transactions respectively.

While all UPI-based banking apps, except payments banks, collectively received close to 48 million transactions in November, third party apps like Google Pay alone clocked 960.02 million transactions in the month.

Google Pay processed Rs 1,61,518.19 crore worth of transactions during the month. Home-grown digital payment app PhonePe was the second highest gainer in the month with 868.40 million transactions. However, the Sameer Nigam-led firm has processed more amount than Google Pay in November. PhonePe recorded Rs 1,75,453.85 worth of transactions via UPI in the last month.

It’s worth noting that UPI had registered its highest ever volume and value of transactions in November which stood at 2.21 billion amounting to Rs 3,90,999.15 crore. During the period, the peer-to-peer (P2P) transactions stood at 1,324.68 million valuing to Rs 3,29,953.41 whereas peer-to-merchant (P2M) transactions recorded at 885.55 million amounting to Rs 61,045.73 crore.