Paytm Payments Bank processes 970 million digital transactions in March: Report

Paytm Payments Bank Ltd (PPBL) has registered over 970 million digital transactions in March, the company said on April 13.

As Mint has reported, the Paytm Payments Bank is opening on an average 1 million savings and current accounts monthly.

PPBL has said that this growth in digital transactions is owed to transactions in Paytm Wallet, Paytm FASTag, Paytm UPI, and internet banking over the last several quarters.

Currently, with over 64 million accounts, the bank's total deposits have crossed over Rs 3200 crores.

Paytm Payments Bank Ltd, CEO & Managing Director, Satish Kumar Gupta has said, “Our leadership in digital banking and payments is a testimony to the trust that the whole country has shown in our services. We will continue to empower more merchants across the country to join the digital payment ecosystem and benefit from our innovative & personalized offerings. We are committed to playing a key role in building Atmanirbhar Bharat."

Recently, a report by National Payments Corporation of India (NPCI) has confirmed that Paytm Payments Bank has the best tech for UPI payments. According to the report, PPBL have the lowest technical decline rate of 0.02 percent as compared to all the UPI remitter banks and 0.04 percent as compared to all UPI beneficiary banks.

PPBL also allows users to pay FASTag directly from their Paytm Wallet without any KYC or bank account linkage. By just adding money to the Paytm wallet, you can use the wallet for all your toll-related transactions without any separate FASTag recharge that can block your money. As the mint has reported, currently, 9 million FASTags are sold and 42 million monthly issuer transactions.