Paytm Payments Bank or PPB has once again recorded the lowest transaction decline or technical decline rate among all UPI remitter banks in a month. The Noida-based company has registered 173.09 million transactions in March with a transaction decline rate of 0.05%, data released by the National Payments Corporation of India (NPCI) shows.
In February, it had processed 149.32 million transactions in which 0.11% of the total payments faced technical decline.
According to NPCI, this decline in transaction happens due to technical reasons, such as the unavailability of systems and network issues on the bank or on the NPCI side.
In terms of the total number of transactions facilitated by remitter banks, the State Bank of India or SBI was at the top position with 775.55 million transactions and a technical decline rate of 0.9%. The top five list of UPI remitter banks rate includes SBI, HDFC Bank, Axis Bank, ICICI Bank and Paytm Payments Bank.
Indian Bank, Andhra Bank and Bandhan Bank recorded the highest technical decline rate in March. However, the trio recorded only 70.06 million, 42.91 million, 10.57 million UPI transactions respectively.
For SBI, the performance in terms of technical decline has improved significantly. In December 2020, the technical decline rate for the public sector bank was recorded at 8.96% which further improved to 1.44% in January and 1.2% in February.
Apart from handling UPI payments for its own apps, SBI also provides UPI handles to third-party apps such as Google Pay and WhatsApp.
It’s worth noting that UPI has registered 2.73 billion transactions worth Rs 5,04,886 crore or Rs 5.04 trillion in March in which PhonePe holds 44% market share followed by Google Pay’s 35%.
In terms of beneficiary banks, Paytm Payments Bank was also on the top position in March followed by SBI, Yes Bank, ICICI and Axis. Paytm Payments Bank registered 469.84 million transactions as a beneficiary bank whereas SBI recorded 413.33 million transactions in the last month.