15% Of All UPI Transactions Fail For This Govt Bank; ICICI Bank Has Highest UPI Failure Among Private Banks
Such times when several bank’s transactions were declined, Paytm Payments Bank has come up as a gainer with the lowest registered transaction decline rate at 0.11% among all UPI remitter banks in February.
Major Transaction Declined
According to the data released by the National Payments Corporation of India (NPCI), the transaction decline or Technical Decline (TD) happens due to technical reasons.
This was mainly caused due to the unavailability of systems. In addition to network issues on the bank or on the NPCI side.
As per the NPCI data, the Paytm Payments Bank had processed 149.32 million transactions in February.
Out of that, 0.11% of the total payments faced a technical decline. Moving ahead, HDFC Bank stood at second position with a technical decline rate of 0.31%.
It was followed by Axis Bank with 0.83% Among the top five largest remitter banks that handle UPI transactions.
On the other hand, ICICI Bank and SBI registered their technical decline rate at 0.87% and 1.20%, respectively.
Largest UPI Volume
In terms of volumes, notably, SBI processes the largest volume of UPI among all remitter banks.
In case of the public sector bank, they had registered 656.92 million UPI transactions in February.
Registering an improvement in its transaction decline rate from 1.44% in January to 1.20% in February.
This seems to be a significant improvement in the performance of SBI in the past two months as it had faced an 8.96% technical decline rate in December.
Currently, SBI is handling UPI transactions for WhatsApp, Google Pay along with its own apps.
Apart from the lowest decline rate, Paytm Payments Bank was also registered as the top UPI beneficiary bank with 389.24 million transactions in February.
Followed by SBI, Yes Bank, ICICI Bank and Axis Bank at second, third, fourth and fifth positions respectively.
Highest UPI Transaction Decline
If we consider the highest UPI transaction decline rate then it is occupied by Andhra Bank with 15%.
It is followed by Indian Bank and Allahabad Bank with 10.28% and 6.83% respectively.
Prior to this, Union Bank saw the highest transaction decline rate at 12.89% in January.
Although, it has improved its performance in the last month with a 4.20% UPI technical decline rate.