Paytm Payments Bank led digital transactions in July: Report

Last Updated: Wed, Oct 02, 2019 14:10 hrs
Paytm (Reuters image)

New Delhi: Paytm Payments Bank (PPB) led the rankings in number of digital transactions reported in the month of July, a report by Ministry of Electronics and Information Technology (MeiTY) has said.

"MeiTY has set up the 'Digital Payment Mission' with a target of 4,019 crore digital payment transactions in FY 2019-2020 and Paytm Payments Bank reached 102.01 per cent of the set target," Paytm Payments Bank said in a statement.

According to a Paytm Payments Bank spokesperson, the company was set a target of 5 billion digital transactions for the full year but it recorded 1.3 billion transactions in the first three months of the year.

The bank has also on-boarded almost 1 million rural merchants in the same period.

Paytm has also displayed one of the highest rates of successful transactions in the month, with just 0.03 per cent of the transactions on UPI being declined, among the best in the industry, as per the report card.

For other banks at the top, the numbers are less than 1 per cent, except for Canara Bank which reported more than 1.4 per cent transaction declines on UPI.

The public-sector entities that have been rated 'good' in the list include Canara Bank and IDBI Bank while HSBC is the only foreign bank to feature in the top seven list.

Paytm also saw the highest rates of successful transactions in the month with just 0.03 per cent of the transactions on UPI being declined, according to the report card.

For other banks, the numbers are less than 1 per cent barring Canara Bank which reported more than 1.4 per cent transaction declines on UPI, the MeiTY report said.