SBI, Paytm Payments Bank, PhonePe lead in UPI transactions in February

SBI was the top remitter on the UPI platform in February, while Paytm Payments Bank led the chart in the beneficiary segment, as per data published by the National Payments Corporation of India.

PhonePe topped the app category on the UPI platform in terms of volume and amount involved in the transactions that it facilitated.

According to the data published by NPCI, State Bank of India (SBI) recorded 656.92 million remittance transactions in February, that is money was sent out from the bank using the UPI platform.

It was followed by HDFC Bank with 207.27 million remittance transactions, Axis Bank (164.27 million), Paytm Payments Bank (149.32 million) and ICICI Bank (148.98 million).