Union Bank of India, Syndicate Bank post highest UPI failure rates; Paytm sees lowest decline rate

By | February 21, 2021

Union Financial institution of India, Syndicate Financial institution publish highest UPI failure charges; Paytm sees lowest decline price

UPI transactions, rise in digital transactions, digital India, Jan Dhan Accounts, Aadhaar and Mobile , Kovind addressing parliamnet houses, Reserve Bank of India, National Payments Corporation of IndiaAndhra Financial institution and Indian Financial institution recorded the second and third highest TD price of 10.40 per cent and 9.83 per cent respectively in January.

Public sector lender Union Financial institution of India continued to witness the best failure price for UPI transactions amongst India’s prime 30 UPI remitter banks resulting from technical causes in January. From 10.75 per cent technical decline (TD) in December, the failure price jumped to 12.89 per cent in January for Union Financial institution of India, knowledge from the Nationwide Funds Company of India (NPCI) confirmed. 85.95 million UPI transactions have been processed by Union Financial institution of India throughout the month out of which almost 80 per cent have been accepted whereas 7.36 per cent have been declined resulting from causes together with invalid pin entered by buyer, incorrect beneficiary account, exceeding per transaction restrict or permitted depend of transactions per day or quantity restrict for the day, and so forth. Andhra Financial institution and Indian Financial institution recorded the second and third highest TD price of 10.40 per cent and 9.83 per cent respectively in January.

Among the many prime 30 UPI beneficiary banks (financial institution of the account holder who’s receiving cash) as effectively, Indian Financial institution recorded the second-highest TD price of 5.50 per cent whereas Syndicate Financial institution topped the tally with 8.65 per cent. Karnataka Financial institution posted the third-highest TD price of three.18 per cent amongst UPI beneficiary banks in January. State Financial institution of India, which posted the best TD price of 9.08 per cent in December, improved it to 1.52 per cent in January.

Additionally learn: Flipkart leads Q4FY21 worldwide web gross sales for Walmart

Paytm Funds Financial institution recorded the bottom TD price of 0.05 per cent on 145.61 million transactions in January amongst remitter banks. By way of transaction quantity, the highest remitter banks have been SBI (664.75 million), HDFC Financial institution (206.65 million), Axis Financial institution (173.38 million), and ICICI Financial institution (152.06 million). Amongst beneficiary banks, CITI Financial institution noticed zero transactions failing resulting from technical causes on 5.94 million transactions. Paytm Funds Financial institution (368.90 million), SBI (354.61 million), Sure Financial institution (273.95 million), ICICI Financial institution (237.59 million), and Axis Financial institution (207.61 million) noticed the best quantity amongst beneficiary banks.

Walmart-owned digital funds firm PhonePe was the best UPI app in January processing processed 968.72 million UPI transactions involving almost Rs 1.92 lakh crore. PhonePe quantity was greater than 100 million transactions larger than Google’s 853.53 million transactions value Rs 1.77 lakh crore. Paytm Funds Financial institution, nevertheless, remained the distant third participant with a quantity of 332.69 million value Rs 37,845.76 crore.

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