Please note that UPI handles/IDs are used to send and receive money. Paytm Payments Bank is NPCI certified payment service provider and issuing bank for UPI transactions.
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“Paytm Payments Bank has 155 crore UPI handles on its platform,” the company said in a statement, referring to the DRHP deposited with SEBI recently for IPO. With the rise in digital payments, there is an increase in payment through UPI at the shops of retail and big merchants.
Largest UPI beneficiary bank with 17.1 per cent stake
RedSeer was quoted as saying in the statement, “Paytm Payments Bank was the largest UPI beneficiary bank with 17.1 per cent market share in the fourth quarter ended March 31, 2021.” According to the statement, March 31, 2021 Till date, Paytm Payments Bank had 64 million savings accounts with deposits of over Rs 52 billion.
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What is UPI
Unified Payments Interface / UPI (Unified Payments Interface) is a real time payment system, which can transfer money to bank account instantly through mobile app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.
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