Surprise! Yes Bank Beats ICICI, SBI In UPI Transactions; Google Pay Biggest Gainer
The NPCI has shared data that reveals that the Yes Bank’s UPI platform has clocked the highest number of UPI transactions.
ICICI Bank, Axis Bank, and the State Bank of India are following in close.
Read on to find out all the details!
Yes Bank’s UPI Platform Records Highest Number Of Transactions
Yes Bank’s UPI platform has recorded the highest number of transactions in November among all the banks on the digital payment system. The data shared by the NPCI states that Yes Bank has processed about 18.93 million transactions with the value of Rs. 1998.22 crores through its own UPI app in the last month.
ICICI Bank comes in second with 12.71 million transactions with transactions worth Rs. 2,811.39 crores, followed by Axis Bank and State Bank of India (SBI) with 5.06 million and 3.94 million transactions respectively. The worth of transactions processed by SBI is worth Rs. 2233.21 crore, whereas, Axis Bank clocked transactions worth Rs. 464.09 crore.
Next in line are Kotak Mahindra Bank, IndusInd Bank, and HDFC who have clocked about 1.86 million, 1.32 million, and 1.24 million transactions respectively.
Paytm Payments Bank, Google Pay Top Gainers
As per NPCI, Paytm Payments Bank was the top gainer among the payments banks who recorded about 260.09 million transactions with a transaction value of Rs. 28,986.93 crores. Airtel Payments Bank, India Post Payments Bank, and Jio Payments Bank recorded about 3.59 million, 0.12 million, and 0.42 million transactions respectively.
Coming to UPI based banking apps, collectively clocked almost 48 million transactions in November, not including payments banks.
In fact, Google Pay clocked about 960.02 million transactions in this month. Probably the most popular UPI platform, Google Pay has processed transactions worth Rs. 1,61,518.19 during the month.
PhonePe was the second highest gainer in the month clocking 868.40 million transactions. But when it comes to the value of transactions, PhonePe clocked more than what Google Pay did, with a transaction value of Rs 1,75,453.85.
In November, UPI had registered its highest ever volume and value of transactions in November which is about 2.21 billion amounting to Rs 3,90,999.15 crore. During this period, the data states that the peer-to-peer (P2P) transactions are 1,324.68 million with transaction value of Rs 3,29,953.41. Also, peer-to-merchant (P2M) transactions were recorded at 885.55 million with a transaction value of Rs 61,045.73 crore.