Yes Bank and ICICI Bank’s UPI platforms lead transaction volume chart in Dec

Yes Bank and ICICI Bank have once again become the leaders among all banks in terms of volume of transactions through their own UPI platforms with 19.54 million and 8.58 million transactions respectively in December, National Payments Corporation of India (NPCI) data shows.

Yes Bank had processed Rs 2,197.96 crore in December, data showed. However, ICICI registered more value of transactions via its UPI app amongst all banks during the period at Rs 2,846.03 crore. 

In the previous month, Yes Bank had processed 18.93 million transactions amounting to Rs 1998.22 crore followed by ICICI Bank with 12.71 million transactions worth Rs 2,811.39 crore.

Public sector bank State Bank of India or SBI was third in the list and recorded 3.88 million transactions through its own UPI apps -- BHIM SBI Pay, YONO SBI and YONO Lite SBI -- amounting to Rs 2,215.86 crore in December. In terms of average transaction value via UPI, SBI was on top during the month with Rs 5,711 per transaction. 

The average transaction value for Yes Bank and ICICI on their UPI platforms were recorded at Rs 1,124 and Rs 3,317.

Kotak Mahindra, IndusInd and HDFC Bank were next in the list with 1.89 million, 1.36 million and 1.35 million transactions respectively via their own UPI platforms.

While SBI has recorded the highest average transaction value among all banks, it was also among the top remitter banks to face a surge in failure in transactions for UPI in the last month. Union Bank of India recorded the highest rate of technical decline at 10.75% in the month followed by SBI with 8.96%.

Apart from UPI-based banking apps, Paytm Payments Bank was leading the volume and value of transactions in December for payments banks with 256.36 million transactions worth Rs 31,291.83 crore. Other payments banks including Airtel Payments Bank, Jio Payments Bank and India Post Payments Bank have recorded volume of transactions in the single digit.