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Yes Bank leads in UPI transactions in January

Yes Bank continues to have the maximum share -39% – of the total transactions registered on the UPI in January 2020. The bank beats other leading private and public sector banks like the State Bank of India, Axis Bank, ICICI Bank, HDFC Bank and Paytm Payments Bank in this. UPI has recorded 1.3 billion transactions in January out of which Yes Bank processed 514 million transactions. The share of UPI transactions of other banks for January 2020 are Axis Bank (192 million), Paytm Payments Bank (169 million), State Bank of India (141 million), HDFC Bank (131 million) and ICICI Bank (124 million). Yes Bank maintained its volume of transactions through PhonePe and BharatPe, which are promoted by eCommerce firm Flipkart. PhonePe focuses on UPI-enabled peer-to-merchant (P2M) as well as peer-to-peer (P2P) payments, while BharatPe manages P2M payments. Another platform Google Pay, which is a leader among the top 3 digital payments platforms, gets UPI transactions processed using Axis Bank, State Bank of India, HDFC Bank and ICICI Bank.

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