Paytm Payments Bank supports UPI market cap, maintains leadership as PSP & Issuer Bank

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.

Homegrown Paytm Payments Bank Limited (PPBL) on Wednesday said 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 democratised manner, encouraging wider participation and ending the market concentration risk, the company said in a statement.

Advertisement

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.

Advertisement

Also read | OCL shareholders fully approve its related party transactions with Paytm Payments Bank

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.

Advertisement

"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," a Paytm Payments Bank spokesperson told IANS.

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.

Advertisement

With this, users can receive and send money instantly to any mobile number with a registered UPI ID across platforms using the Paytm app.

Also read | RBI banned Paytm Payments Bank from taking new customers as it was leaking data to Chinese firms: Report

Advertisement

This further deepens Unified Payments Interface (UPI) interoperability and roots for the adoption of mobile payments.

Advertisement
tags