UPI registers 16.58 billion transactions worth Rs 23.5 trillion in October
The transactions in October were the highest numbers for the digital system since it became operational in April 2016.
Homegrown Paytm Payments Bank Limited (PPBL) on Wednesday said it supports and welcomes the proposed implementation of the National Payments Council of India’s (NPCI) UPI market cap.
With this, the UPI ecosystem in India will see further growth in a democratized manner, encouraging wider participation and ending the market concentration risk, the company said in a statement.
PPBL, which owns Paytm UPI, is an 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.
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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.
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 registered more than 362 million transactions in October 2022.
“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.
With this, users can receive and send money instantly to any mobile number with a registered UPI ID across platforms using the Paytm app.
This further deepens Unified Payments Interface (UPI) interoperability and roots for the adoption of mobile payments.
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