In June 2023, the Paytm Payments Bank was the leading beneficiary bank for UPI transactions in India with around two billion transactions. Yes Bank followed with more than 1.7 billion transactions. Beneficiary bank refers to the bank of the account holder who is receiving money.
Unified Payments Interface (UPI) is a product of the National Payments Corporation of India (NPCI) and was launched in 2016. It allows users of payment service providers like PhonePe or GooglePay to use NPCI as the switch to connect with banks and transfer money. It is more user-friendly than older transaction modes such as IMPS.
Leading beneficiary banks for Unified Payments Interface in India in June 2023, by volume
(in millions)
Characteristic
Volume of transactions in millions
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NPCI. (August 17, 2023). Leading beneficiary banks for Unified Payments Interface in India in June 2023, by volume (in millions) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/
NPCI. "Leading beneficiary banks for Unified Payments Interface in India in June 2023, by volume (in millions)." Chart. August 17, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/
NPCI. (2023). Leading beneficiary banks for Unified Payments Interface in India in June 2023, by volume (in millions). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/
NPCI. "Leading Beneficiary Banks for Unified Payments Interface in India in June 2023, by Volume (in Millions)." Statista, Statista Inc., 17 Aug 2023, https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/
NPCI, Leading beneficiary banks for Unified Payments Interface in India in June 2023, by volume (in millions) Statista, https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/ (last visited July 22, 2024)
Leading beneficiary banks for Unified Payments Interface in India in June 2023, by volume (in millions) [Graph], NPCI, August 17, 2023. [Online]. Available: https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/