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 per cent technical decline (TD) in December, the failure price jumped to 12.89 per cent in January for Union Bank of India, information from the National Payments Corporation of India (NPCI) showed. 85.95 million UPI transactions had been processed by Union Bank of India through the month out of which almost 80 per cent had been authorized though 7.36 per cent had been declined due to factors which includes invalid pin entered by buyer, 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 per cent and 9.83 per cent respectively in January.
Among the prime 30 UPI beneficiary banks (bank of the account holder who is getting funds) as properly, Indian Bank recorded the second-highest TD price of 5.50 per cent though Syndicate Bank topped the tally with 8.65 per cent. Karnataka Bank posted the third-highest TD price of 3.18 per cent amongst UPI beneficiary banks in January. State Bank of India, which posted the highest TD price of 9.08 per cent in December, enhanced it to 1.52 per cent in January.
Also study: Flipkart leads Q4FY21 international net sales for Walmart
Paytm Payments Bank recorded the lowest TD price of .05 per cent on 145.61 million transactions in January amongst remitter banks. In terms of transaction volume, the prime remitter banks had been SBI (664.75 million), HDFC Bank (206.65 million), Axis Bank (173.38 million), and ICICI Bank (152.06 million). Among beneficiary banks, CITI Bank saw zero transactions failing due to technical factors on 5.94 million transactions. Paytm Payments Bank (368.90 million), SBI (354.61 million), Yes Bank (273.95 million), ICICI Bank (237.59 million), and Axis Bank (207.61 million) saw the highest volume amongst beneficiary banks.
Walmart-owned digital payments enterprise PhonePe was the highest UPI app in January processing processed 968.72 million UPI transactions involving almost Rs 1.92 lakh crore. PhonePe volume was more than one hundred million transactions larger than Google’s 853.53 million transactions worth Rs 1.77 lakh crore. Paytm Payments Bank, nevertheless, remained the distant third player with a volume of 332.69 million worth Rs 37,845.76 crore.