The payments in India seems to be a roller-coaster ride.
While UPI transactions are increasing in India the number of failed transactions from the bank also is increasing.
The National Payments Corporation of India (NPCI), released the data in which it clearly shows that SBI state bank of India has the most number of UPI transactions.
The bank also have seen a 5 per cent growth in September 2020 in the failed transactions.
Then comes the axis bank there also the number raise from 0.6 to 1.5 per cent.
HDFC bank the number raised from 0.2 to 0.8 per cent.
Paytm Payments Bank and ICICI Bank, the number raised from 0.2 to 0.7 per cent.
The overall failed transactions were almost 15 per cent which is a huge number.
This has resulted that more number of transactions lead to more number of failures and this is a fact.
For all the top banks the business has very much declined the data clearly indicates that.
Founder of a fintech startup on the condition of anonymity said the number of UPI payments which are done is mindblowing and banks are finding difficulties because of that.
Google Pay, PhonePe, Amazon Pay and Paytm corner more than 90 per cent of the overall UPI payment volumes.
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