Paytm Bank writes down the least proportion of United Payments Interface transactions which account for approximately 95 % of the transactions among the topmost banks of India. The transaction ratio of Paytm shrank to 0.8 per lakh in comparison to the heightened transaction ratio of around 17 per 1 lakh.
As claimed by the National Payments Corporation of India around 226 crores of the transactions have recorded the gist of which being recorded by the State Bank of India followed by Axis Bank, HDFC, Paytm, and ICICI Bank with their contributions ranging from the highest to the lowest between 26-6 percent. Though SBI had the gist of the UPI transactions it has been the one accounted for bringing down the industry average globally. The technical default rate is the least of SBI which happens to accord for its reliability and consistency. The technical defaults happen only due to the unprocurement of systems and network issues.
Satish Gupta, MD & CEO of Paytm Payments Bank was quoted as saying ” Our showing is the attention of the consistency and the hard work of our team whose consistent efforts have provided the best technology foundation in the entire global space till date. We are much above the rest in terms of griping Artificial Intelligence and Big Data to offer a wide variety of products and services around the globe. Our team works diligently and efficiently in order to work out the best for the people in a very consistent way”. He also added that Paytm is the only app in the globe to drive their own UPI transactions while other platforms generate their transactions through a leveraged party. Followed by Paytm are other apps like Google Pay and Phone Pay that have currently dominated the technology world.