Paytm leads UPI beneficiary chart: NPCI

New Delhi: Paytm Payments Bank has emerged as the biggest receiver of UPI amount with 926.17 million transactions while public sector bank SBI topped the chart of being the biggest remitter in December, according to data released by the National Payments Corporation of India (NPCI).

Paytm Payments Bank Ltd (PPBL) claimed to have become the first beneficiary bank in the country to achieve the landmark of over 926 million UPI transactions in a single month.

"We are humbled to receive such an encouraging response from our users who have helped us become the most preferred beneficiary bank for UPI payments.

"We will continue to leverage our experience and technological strength to offer superfast UPI Money Transfer and the convenience of using Paytm Wallet and bank account for everyday payments," PPBL Managing Director and CEO Satish Gupta said in a statement.

State Bank of India followed PPBL as the second-largest beneficiary with 664.89 million transactions. According to the NPCI, 98.79 per cent of the transactions were approved on the PPBLplatform.

"In the October-December 2021 quarter, PPBL registered a total of 2,507.47 million beneficiary transactions, compared with 964.95 million beneficiary transactions in the same quarter in 2020.