Yet again, the Union Bank of India has now become the top remitter bank in UPI transaction failure. The data from NPCI has revealed that the failure rate of UPI of the Union Bank of India stands at 12.89%.
Read on to find out all the details about the increasing rate of failure of UPI transactions right here!
Union Bank Of India Records Highest Rate of UPI Transactions Failure
The rate of technical decline of the rate of UPI transactions of Union Bank of India stands at 12.89% in January, as revealed by the National Payments Corporation of India (NPCI). In December, the decline rate was recorded at 10.75%.
Andhra Bank processed only 56.64 million transactions through UPI and the technical decline rate stands at 10.40%. Third in line with the highest rate of technical decline in UPI transactions is Indian Bank. The bank has recorded a technical decline rate of 9.83%.
The technical decline or TD is transaction declined due to technical reasons. These include unavailability of systems and network issues, either at the bank or with NPCI.
In January, UPI had registered 2.3 billion transactions and the value of transactions has been recorded to be worth Rs 4,31,181 crore in January.
Rate Of UPI Transaction Of State Bank of India Improved
As per the report by NPCI, the UPI transaction rate of the State Bank of India or SBI has improved considerably. The bank has registered only a 1.44% technical decline rate in January, as compared to 8.96% in the previous month.
As per reports, the largest volume of transactions via UPI has been recorded at SBI among all banks. Apart from processing UPI transactions through its own apps, SBI also handles a huge portion of the transactions for Google Pay. Google Pay is the second largest market shareholder after PhonePe in the UPI ecosystem.
SBI has processed as much as 664.75 million transactions via UPI. This is followed by HDFC, Axis Bank, and ICICI Bank with 206.65 million, 173.38 million, and 152.06 million transactions, respectively.
The total debit reversal success rate at SBI was also improved from 80% in December 2020 to 98.04% in January.
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