Shares of Paytm’s parent One97 Communications reversed early losses and gained close to 5 percent in Friday’s session after Paytm Payments Bank emerged as the biggest receiver of UPI amount with 926.17 million transactions.
One97 Communication’s share price rose to a high of Rs 1080.6 against 1031.40 at the previous close on the BSE. The counter was last trading 2.9 percent higher. In opening trade, it had slipped below the Rs 1,000 level for the first time since listing to hit a fresh low of Rs 995.
Before today, the stock was in a downfall for nine consecutive days, losing 21 percent.
Public sector bank SBI topped the chart as the biggest remitter in December, according to data released by the National Payments Corporation of India (NPCI).
Paytm Payments Bank Ltd (PPBL) said it has become the first beneficiary bank in the country to achieve the landmark of over 926 million UPI transactions in a single month, PTI reported.
“We are humbled to receive such an encouraging response from our users who have helped us become the most preferred beneficiary bank for UPI payments.
We will continue to leverage our experience and technological strength to offer superfast UPI Money Transfer and the convenience of using Paytm Wallet and bank account for everyday payments,” PPBL Managing Director and CEO Satish Gupta was quoted as saying in a statement.
According to the NPCI, 98.79 percent of the transactions were approved on the PPBL platform.
“In the October-December 2021 quarter, PPBL registered a total of 2,507.47 million beneficiary transactions, compared with 964.95 million beneficiary transactions in the same quarter in 2020,” PPBL was quoted as saying.
“This is a year-on-year increase of 159.85 percent. It has remained the largest UPI beneficiary bank throughout the year (except in May 2021), and continues to grow month-on-month.”
Paytm founder and CEO Vijay Shekhar Sharma on Tuesday had said the company is betting big on the payments business.
It expects revenue from payments services, including merchants transfers, to be around USD 140 million (about Rs 1034 crore) in the current quarter, Sharma had said.