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Paytm Payments Bank supports UPI market cap, maintains leadership as PSP & Issuer Bank
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IANS | 23 Nov, 2022
Homegrown
Paytm Payments Bank Limited (PPBL) on Wednesday said it supports and
welcomes the proposed implementation of National Payments Council of
India's (NPCI) UPI market cap.
With this, the UPI
ecosystem in India will see further growth in a democratised manner,
encouraging wider participation and ending the market concentration
risk, the company said in a statement.
PPBL, which owns Paytm
UPI, is NPCI-certified PSP (Payment Service Provider) and Issuer Bank
for UPI transactions, and not a Third Party Application Provider (TPAP)
and won't come under the purview of NPCI's market cap.
The Bank
is an Issuer and PSP Bank in itself along with being an acquirer of UPI
transactions on its own platform, and serves the customer end-to-end in a
transaction.
The Bank continues to lead UPI payments as the
largest beneficiary bank and a leading remitter bank. According to the
latest report by NPCI, as a beneficiary bank PPBL has registered over
1,614 million transactions and as a remitter bank, it has registered
more than 362 million transactions in October 2022.
"We believe
the proposed implementation of UPI market capping will be hugely
beneficial for the UPI ecosystem. This move by the NPCI will bolster the
growth of digital payments and democratize it for the citizens, ending
market concentration risk. With this, UPI will become even more
accessible and enable further digital adoption," a Paytm Payments Bank
spokesperson told IANS.
The bank is now enabling users to make
transactions across all UPI payment apps with just the mobile number,
and even if it is not registered with Paytm.
With this, users
can receive and send money instantly to any mobile number with a
registered UPI ID across platforms using the Paytm app.
This further deepens Unified Payments Interface (UPI) interoperability and roots for the adoption of mobile payments.
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