Paytm Payments Bank records lowest ratio of failures for remittances using UPI

Among the top 20 banks that account for 95 per cent of transactions, Paytm Payments Bank recorded the lowest ratio of failures for remittances using Unified Payments Interface (UPI). Paytm Bank had a transaction decline ratio of 0.8 for every 1 lakh transactions as against the industry average of 17 per 1 lakh.

According to a data of November  of the National Payments Corporation of India (NPCI), among the 226 crore UPI transactions, SBI had the largest share of 26 per cent followed by AxisBank (11 per cent), HDFC Bank (8 per cent), Paytm Bank (8 per cent) and ICICI Bank (6 per cent).

NPCI’s data shows that SBI reported 31 technical declines for every 1 lakh transactions, doing better than only Bank of India, which had 33 failures. Technical decline rate reflects the reliability of the platform. NPCI defines these declines as payments that failed due to technical reasons, such as unavailability of systems and network issues on bank or NPCI side.

SBI processes over 2 crore transactions daily as against 60 lakh by HDFC Bank and 56 lakh by Paytm Bank. Though the bank has the largest share, it is also responsible for bringing down the industry average in terms of declines.

Among the public sector banks, the best performer was Oriental Bank of Commerce, which matches Paytm Bank’s rate of 0.8 per lakh but it has less than 1 per cent of total volumes. Bank of Baroda at 5 per cent had the highest market share in UPI transactions among nationalised banks followed by Punjab National Bank (4 per cent), Bank of India (3 per cent) and Union Bank of India (3 per cent).