India’s homegrown Paytm Payments Bank Ltd (PPBL) has once again been awarded by the Ministry of Electronics and Information Technology (MeitY) for its outstanding performance in promoting digital payments in the country.
At the ‘Digital Payments Utsav’ organized by the Government of India at the India Habitat Centre, Delhi on December 5, 2021, PPBL won five awards in four different categories. PPBL, which has the largest scale among all licensed Payments Bank in India, has emerged as the top performer in terms of volume of transactions, merchant onboarding and transaction success rate.
At the event attended by the Hon’ble Minister of Railways, Communications and Electronics & Information Technology of India Shri Ashwini Vaishnaw, PBBL received the following awards:
Vishisht Puraskar for achieving highest volume of digital payment transactions – private sector bank in FY 2019-20
Uttam Puraskar for onboarding maximum merchants on digital payment modes in a rural area – pvt sector bank in FY 2019-20
Shresth Puraskar for maintaining the lowest average technical decline in BHIM UPI transactions in FY 2019-20
Shresth Puraskar for maintaining the lowest average technical decline in BHIM UPI transactions in FY 2020-21
Prashast Puraskar for onboarding maximum billers on BBPS platform in FY 2019-20
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Satish Gupta, MD & CEO – Paytm Payments Bank Ltd said, “Being recognised by MeitY is a testament to the role that we have played in empowering millions of fellow citizens to avail the benefits of digital payments & formal banking services. Our vision is aligned with the Government of India’s mission of promoting digital payments by launching innovative products & services. Being awarded for maintaining the lowest average technical decline in BHIM UPI transactions for two consecutive years is proof of the infrastructure which has been set up by PBBL. We have digitally onboarded the highest number of merchant partners in rural areas and being awarded for that is a validation towards our focus on financial inclusion.”
PPBL has regularly been recognized for its role in accelerating the growth of digital payments in the country. Recently, it also emerged as one of the most successful digital banks operating in the Asia Pacific (APAC) region. In its report titled ‘Emerging Challengers and Incumbent Operators Battle for Asia Pacific’s Digital Banking Opportunity’, the Boston Consulting Group (BCG) has listed PPBL among the Top 10 digital challenger banks in the region that are profitable and have witnessed significant growth over the past years. PPBL is the only Indian digital bank on the list.
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