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Paytm Payments Bank touches 907 million transactions mark in March 2021

While PhonePe and Paytm saw 100 mn and 72 mn additional transactions, respectively, Google Pay transactions fell by over 100 mn. mint
While PhonePe and Paytm saw 100 mn and 72 mn additional transactions, respectively, Google Pay transactions fell by over 100 mn. mint (MINT_PRINT)

Paytm Payments Bank said its deposits have crossed over 3200 crores and that it has over 64 million bank accounts.

Paytm Payments Bank on Tuesday announced that it had touched the 970 million transactions mark in March 2021. The company said that this achievement has been led by the growth in transactions on Paytm Wallet, Paytm FASTag, Paytm UPI, and internet banking over the last several quarters.

Paytm Payments Bank said that it is now opening on an average one million savings and current accounts a month. The company said its deposits have crossed over 3200 crores and that it has over 64 million bank accounts.

The company quoting NPCI data said that it has the lowest technical decline rate at 0.11% among all UPI remitter banks and 0.04% among all UPI beneficiary banks. The company also said that with over 9 million FASTags sold and 42 million monthly issuer transactions, Paytm Payment Bank’s FASTag has become India's most preferred instrument for digital toll payments. It has now enabled cashless toll payments across 270 plazas and registers over 57 million monthly acquirer transactions.

The company said Paytm Wallet witnessed consistent growth of 15% month-on-month. Paytm Wallet has over 325 million wallet accounts. Over 78% of Payment Wallet account holders use it for payments on a daily basis. Lastly, the company also said that nearly 85% of Paytm Wallet transactions are merchant transactions across online platforms and Kirana stores.

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