The ‘UPI Ecosystem Statistics’- November 2020 of National Payments Corporation of India (NPCI), has released Unified Payments Interface(UPI) Top 30 Banks Performance(for Remitter Banks and Beneficiary Bank). The State Bank of India(SBI) secured the top spot in UPI Transaction among the UPI Remitter Banks with 607.92 million transactions.
The list is followed by Axis Bank(241.92 million transaction), HDFC bank(179.40 million transaction) and Paytm Payments Bank ltd- PPBL(169.25 million transaction).
i.PPBL has the lowest Technical Decline(TD) rate at 0.08% among all UPI remitter banks and 0.06% among all UPI beneficiary banks. Oriental Bank of Commerce also has a TD rate of 0.08% among all UPI remitter banks, but it has less than 1% of total volumes.
ii.SBI also tops in UPI Transaction among UPI Beneficiary Banks with 363.23 transactions. The list is followed by PPBL (329.04 transaction) and Yes Bank Ltd (255.73 million transactions).
Points to be Noted
i.Of the total 226 crore UPI transactions, SBI had the largest share of 26%, followed by Axis Bank (11%), HDFC Bank (8%), Paytm Bank (8%) and ICICI Bank (6%).
ii.SBI, Axis, HDFC and PPBL together have initiated about half or 1.1 billion of the total UPI transactions processed in November 2020.
iii.SBI has approved 90.52% UPI transaction in remitter side and 95.91% in Beneficiary side.
Table of UPI Top 30 Banks Performance(for Remitter Banks and Beneficiary Bank)
| UPI Top 30 Performance Banks | ||||
|---|---|---|---|---|
| UPI Remitter Bank | ||||
| S. no | Name of the Bank | Total Transaction(Million) | Approval Rate (%) | Technical Decline(TD)- in % |
| 1 | State Bank of India | 607.92 | 90.52% | 3.12% |
| 2 | Axis Bank Ltd | 241.92 | 97.16% | 0.56% |
| 3 | HDFC Bank Ltd | 179.40 | 93.46% | 1.85% |
| 4 | Paytm Payments Bank ltd | 169.25 | 92.71% | 0.08% |
| UPI Beneficiary Bank | ||||
| 1 | State Bank of India | 363.23 | 95.91% | 3.06% |
| 2 | Paytm Payments Bank ltd | 329.04 | 97.63% | 0.06% |
| 3 | Yes Bank Ltd | 255.73 | 99.76% | 0.10% |
Highlights of the Report:
i.SBI’s Business Decline(BD) rate was 6.35% on remitter side
ii.Corporation Bank has the highest TD rates in the industry with 13.53% on remitter side and 20.72% on beneficiary side
iii.HDFC Bank is the UPI partner for Google Pay that currently transacts 43.4% of total UPI transactions in India.
iv.Bank of Baroda(BoB) has the highest market share with 5% in UPI transactions among nationalised banks, followed by Punjab National Bank (4%), Bank of India (3%) and Union Bank of India (3%).
v.SBI daily processed more than 2 crore transactions against 60 lakh by HDFC Bank and 56 lakh by Paytm Bank.
Table of Top Performing UPI Apps
| S.No | Application Name | Volume(million) | Value(Crore) |
|---|---|---|---|
| 1 | Airtel Payments Bank Apps | 3.59 | 412.14 |
| 2 | Allahabad Bank | 0.03 | 9.36 |
| 3 | AmazonPay | 37.15 | 3,524.51 |
Additional Info:
i.TD – It is a transaction decline due to technical reasons like unavailability of systems and network issues on bank or NPCI side.
ii.BD- Any decline caused not because of a technical reason of the bank or NPCI like like customer entering an invalid pin, etc.,
iii.Remitter – Account holder who sends money.
iv.Beneficiary – Account holder who receives money.
Recent Related News:
i.On November 5, 2020 The National Payments Corporation of India (NPCI) gave approval for ‘WhatsApp Pay’, to operate its payment service on Unified Payments Interface (UPI) in India. NPCI has capped of 30% on the total transaction volume on the UPI network of all Third Party App Providers (TPAPs). This will be effective from January 1, 2021.
ii.The National Payments Corporation of India (NPCI) has launched a wholly-owned subsidiary, NPCI International Payments Limited (NIPL) to internationalize (or export to foreign markets ) NPCI’s indigenously developed offerings and technological acumen, i.e. real-time payment system, Unified Payments Interface (UPI) and card payment network, RuPay along with a few more offerings of NPCI.
About National Payments Corporation of India(NPCI):
Incorporated– Under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013)
Established– 2008
MD & CEO– Mr. Dilip Asbe
Head Office– Mumbai, Maharashtra
