Four banks bag bulk of UPI beneficiary payments

, By The Economic Times
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While fintechs, PhonePe and Google Pay have a major chunk of the overall UPI payments market as third party applications, a handful of banks dominate the merchant payments on the popular platform.

Almost 60% of the transactions are made to rel=”dofollow” href=”https://economictimes.indiatimes.com/yes-bank-ltd/stocks/companyid-16552.cms” target=”_blank”>Yes Bank, rel=”dofollow” href=”https://economictimes.indiatimes.com/hdfc-bank-ltd/stocks/companyid-9195.cms” target=”_blank”>HDFC Bank, rel=”dofollow” href=”https://economictimes.indiatimes.com/icici-bank-ltd/stocks/companyid-9194.cms” target=”_blank”>ICICI Bank, and rel=”dofollow” href=”https://economictimes.indiatimes.com/axis-bank-ltd/stocks/companyid-9175.cms” target=”_blank”>Axis Bank handles according to data shared by the National Payments Corporation of India that runs UPI. Among the four private sector lenders, rel=”dofollow” href=”https://economictimes.indiatimes.com/yes-bank-ltd/stocks/companyid-16552.cms” target=”_blank”>Yes bank has the highest share of such transactions at 40%, which has doubled in the last two years.

NPCI identifies them as…



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Four banks bag bulk of UPI beneficiary payments

, Published By The Economic Times
Tech


While fintechs, PhonePe and Google Pay have a major chunk of the overall UPI payments market as third party applications, a handful of banks dominate the merchant payments on the popular platform.

Almost 60% of the transactions are made to rel=”dofollow” href=”https://economictimes.indiatimes.com/yes-bank-ltd/stocks/companyid-16552.cms” target=”_blank”>Yes Bank, rel=”dofollow” href=”https://economictimes.indiatimes.com/hdfc-bank-ltd/stocks/companyid-9195.cms” target=”_blank”>HDFC Bank, rel=”dofollow” href=”https://economictimes.indiatimes.com/icici-bank-ltd/stocks/companyid-9194.cms” target=”_blank”>ICICI Bank, and rel=”dofollow” href=”https://economictimes.indiatimes.com/axis-bank-ltd/stocks/companyid-9175.cms” target=”_blank”>Axis Bank handles according to data shared by the National Payments Corporation of India that runs UPI. Among the four private sector lenders, rel=”dofollow” href=”https://economictimes.indiatimes.com/yes-bank-ltd/stocks/companyid-16552.cms” target=”_blank”>Yes bank has the highest share of such transactions at 40%, which has doubled in the last two years.

NPCI identifies them as…



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Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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