The Bank being certified PSP (Payment Service Provider) and Issuer Bank for UPI transactions won’t come under the purview of NPCI’s market CA.
Continues to lead UPI payments as the largest beneficiary bank and a leading remitter bank
India’s homegrown Paytm Payments Bank Limited (PPBL) today shared that it supports and welcomes the proposed implementation of National Payments Council of India’s (NPCI) UPI market cap. With this, the UPI ecosystem in India will see further growth in a democratized manner, encouraging wider participation and ending the market concentration risk.
PPBL, which owns Paytm UPI, is NPCI certified PSP (Payment Service Provider) and Issuer Bank for UPI transactions, and not a Third Party Application Provider (TPAP) and won’t come under the purview of NPCI’s market cap. The Bank is an Issuer and PSP Bank in itself along with being an acquirer of UPI transactions on its own platform, and serves the customer end-to-end in a transaction.
The Bank continues to lead UPI payments as the largest beneficiary bank and a leading remitter bank. According to the latest report by NPCI, as a beneficiary bank PPBL has registered over 1,614 million transactions and as a remitter bank, it has registered more than 362 million transactions in October 2022.
Paytm Payments Bank Spokesperson said, “We believe the proposed implementation of UPI market capping will be hugely beneficial for the UPI ecosystem. This move by the NPCI will bolster the growth of digital payments and democratize it for the citizens, ending market concentration risk. With this, UPI will become even more accessible and enable further digital adoption.”
The Bank is now enabling users to make transactions across all UPI payment apps with just the mobile number, and even if it is not registered with Paytm. With this, users can receive and send money instantly to any mobile number with a registered UPI ID across platforms using the Paytm app. This further deepens Unified Payments Interface (UPI) interoperability and roots for the adoption of mobile payments.
About Paytm Payments Bank:
Paytm Payments Bank has the largest scale in India, in terms of mobile transactions. The bank offers best-in-class digital payment and banking experience with its mobile-only savings accounts, current accounts, fixed deposits with partner banks, and payment instruments like wallets, UPI, FASTag among other services to Indians. The bank is the largest UPI beneficiary bank, with the lowest technical decline rate amongst beneficiary and remitter banks as of April 2021. It is also the largest acquirer and issuer of FASTags in India.To know more please visit: https://www.paytmbank.com/
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