Paytm Payments Bank has more than 100 million UPI handles on the platform and uses in-house technology infrastructure for enabling UPI transactions. Paytm’s competition includes Google Pay, PhonePe, Amazon Pay, Mobikwik and the recently launched WhatsApp Payments services in India.
When it comes to successful UPI transactions, mobile payments platform and payments bank Paytm has the hugest success rate. The latest report by the National Payments Corporation of India (NPCI) says that the Paytm Payments Bank has the best tech for UPI payments. Data suggests that the Paytm Payments Bank users have been at the receiving end of the lowest UPI, or unified payments interface, transaction failures—just 0.02% among all UPI remitter banks and 0.04% among all UPI beneficiary banks. The report suggests that most other banks have a UPI transaction failure or decline rate of 1% instead.
“Our performance in the latest NPCI report is a testament of the hard work that the team puts in to provide the best technology infrastructure in the global banking space. We are well ahead of others when it comes to leveraging AI and Big Data to offer innovative products & services to our customers across the country, says Satish Gupta, MD & CEO of Paytm Payments Bank Ltd. “Our tech team which comprises of the best minds in the business, work round the clock to provide a seamless and efficient experience. This has helped us build a trusted & long-lasting relationship with our partner,” he adds.
Paytm Payments Bank, at this time, handles as many as 100 million UPI handles, 350 million active wallets on the Paytm app and transactions are made using as many as 220 million saved cards on the Paytm platform and 60 million linked bank accounts, also used for UPI transactions. In the UPI payments stakes, Paytm is competing with platforms including Google Pay, PhonePe, Amazon Pay, Mobikwik and the recently launched WhatsApp Payments services in India.