Paytm Payments Bank Ltd. (PPBL) has won the Shrestha Puraskar at Digital Payments Ustav by the Digidhan Mission, Ministry of Electronics and Information Technology (MeitY) for maintaining one of the lowest average technical declines in UPI transactions. The award is a recognition of the superfast and secure transactions powered by Paytm UPI (unified payment interface). This award was given by Sh. Ashwini Vaishnaw, Minister of Railways, Communications and Electronics and Information Technology.
PPBL has outperformed all major banks in India in terms of the success rate of UPI transactions. It has one of the lowest technical decline rates because of its robust in-house technology infrastructure.
In UPI, the Bank is the leader in P2M (Person to Merchant) transactions, with the highest number of merchant partners in its ecosystem. Paytm Payments Bank continues to be a leader in UPI as the largest beneficiary bank, acquiring bank and leading remitter bank.
Paytm Payments Banks drives UPI transactions on its own without any third-party app provider. It leads digital payments in the country driven by merchant payments and increased adoption across small cities and towns. Both customers and merchants are increasingly preferring to use Paytm Payments Bank for sending and receiving money via UPI, given its superior in-house technology that ensures the fastest payments and highest success rates.
“As leaders in UPI P2M payments as the largest beneficiary bank, acquiring bank and a leading remitter bank, we strive to offer superfast and secure UPI money transfers. Our focus on innovation has ensured that we have the lowest technical decline rates in UPI to offer a superior payment experience to users. The recognition from the Government of India is proof of our commitment to innovation and contributing to financial inclusion,” said Paytm Payments Bank Spokesperson.
According to the latest report by NPCI, as a beneficiary bank PPBL has registered over 1,765.87 million transactions and as a remitter bank, it has registered more than 389.61 million transactions in January 2023.