Paytm Payments Bank becomes the largest beneficiary on UPI platform

Paytm Payments Bank on Tuesday said it has become the largest beneficiary bank on the Unified Payments Interface (UPI) platform, with 469.84 million transactions in March, an increase of almost 21 per cent month-on-month.

State Bank of India (SBI), which is second in the pecking order, saw 413.33 million transactions in March. SBI was followed by YES Bank, ICICI Bank, Axis Bank, and HDFC Bank.

Beneficiary banks are banks of account holders who receive money. When it comes to remitter banks, Paytm Payments Bank is fifth on the list, with 173.09 million transactions in March.

SBI is the leader with 775.55 million transactions, followed by HDFC Bank with 244.63 million transactions.