Public sector lender Union Bank of India continued to witness the highest failure price for UPI transactions amongst India’s prime 30 UPI remitter banks due to technical factors in January.
From 10.75 percent technical decline (TD) in December, the failure price jumped to 12.89 percent in January for Union Bank of India, information from the National Payments Corporation of India (NPCI) showed.
In January, eighty percent of UBI’s transactions were approved out of 85.95 million transactions, out of which almost 80 percent had been authorized while 7.36 percent were declined. Due to factors which include invalid pin entered by the customer, incorrect beneficiary account, exceeding per transaction limit or permitted count of transactions per day or quantity limit for the day, and so forth.
Andhra Bank and Indian Bank recorded the second and third highest TD price of 10.40 percent and 9.83 percent respectively in January.
Among the highest 30 UPI beneficiary banks (financial institution of the account holder who’s receiving cash) as properly, Indian Bank recorded the second-highest TD charge of 5.50 percent whereas Syndicate Bank topped the tally with 8.65 percent. Karnataka Bank posted the third-highest TD charge of 3.18 percent amongst UPI beneficiary banks in January. State Bank of India, which posted the highest TD charge of 9.08 percent in December, improved it to 1.52 percent in January.
Paytm Funds Financial institution recorded the bottom TD price of 0.05 percent 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 to result from technical causes on 5.94 million transactions.
Paytm Payment Bank topped with 368.90 million, followed by SBI, Yes, IICICI and Axis banks with the highest volume in UPI transactions.
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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