We are excited to share that Paytm Payments Bank Limited (PPBL) has been felicitated at the Infosys Finacle Innovation Awards 2023. We have received the award in the ESG Led Innovation category.
Sticking to this year’s theme ‘Inspiring Better Banking’, we with our cutting-edge innovation strategies have created unparalleled value for our customers, employees, investors, and the wider community. We were identified as one of the most impactful innovation initiatives by a vast number of banks.
In mobile transactions, we have the largest scale among all licensed payment banks in India. We have been outperforming all major banks in India in terms of the success rate of UPI transactions. We have one of the lowest technical decline rates because of our robust in-house technology infrastructure and highly optimised and customised Finacle application.
With our unique products and services, we have been making a huge contribution to the environment by eliminating paper consumption from day one. In UPI, the Bank is leader in P2M (Person to Merchant) transactions, with the highest merchant partners in its ecosystem. We continue to be a leader in UPI as the largest beneficiary bank, acquiring bank and a leading remitter bank.
We are also helping in deepening financial inclusion by onboarding street vendors under the Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi Scheme (SVANidhi) and helping them to accept digital payments. In FY22 alone, we onboarded over 35,000 street vendors under the PM SVANidhi scheme. Our Bank-led model Aadhaar enabled payment system (AEPS), which allows online interoperable financial inclusion transactions at PoS through the business correspondent of any bank using the Aadhaar authentication.
We believe in empowering the lives of rural women by providing them the opportunity to earn a livelihood and gain prestige in the community by working as a BC Sakhi. Through this, we provide technology-rich banking solutions to people in rural areas through its free of cost services such as free zero balance saving account, free fund transfers, instant Debit card, AEPS, etc. We also address urgent financial needs, and provide banking services to senior, or disabled citizens at their doorstep.
We are the largest enabler of digital payments in the country driven by merchant payments and increased adoption across small cities and towns. Both customers and Merchants are increasingly preferring to use our bank for sending and receiving money via UPI, given its superior in-house technology that ensures the fastest payments and highest success rates.
With our banking solutions, we are striving to achieve new high in terms of scale and performance, while keeping customer experience, data protection and security in mind. The awards have motivated us in achieving our goals in leadership, innovation, development and growth, among several other things.