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Paytm Payments Bank Ltd (PPBL), on Tuesday, announced that it has become the top enabler of digital payments in the country by registering over 970 million digital transactions in March.
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. PPBL, which is rapidly gaining the trust of millions of Indians, is now opening on an average 1 million savings and current accounts a month. With over 64 million accounts, the bank’s total deposits have crossed over ₹3,200 crore.
Satish Kumar Gupta, CEO and Managing Director, Paytm Payments Bank Ltd, said in a statement: “Our leadership in digital banking and payments is a testimony to the trust that the whole country has shown in our services. We will continue to empower more merchants across the country to join the digital payment ecosystem and benefit from our innovative and personalised offerings. We are committed to playing a key role in building Atmanirbhar Bharat.”
Paytm Wallet has strengthened its position as the strongest digital payments service with 325 million wallets. Over 78 per cent of Wallet account holders use it for payments on a daily basis. The massive adoption of Paytm Wallet by the masses can be also be gauged from the fact that 85 per cent of wallet transactions are merchant transactions across online platforms and kirana stores.
Toll payments
Meanwhile, 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 as it allows users to directly pay from their Paytm Wallet. It has gained immense popularity among vehicle owners, including commercial transport, due to its seamless onboarding and integration process. Also, PPBL has now enabled cashless toll payments across 270 plazas and registered 57 million monthly acquirer transactions.
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