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UPI Ecosystem Statistics

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UPI Top 50 Banks Performance (Feb'23)
UPI Remitter Banks - Top 50 Banks (Feb'23)
Sr. No. UPI Remitter Banks (Feb-2023) Total Volume (In Mn) Approved % BD % TD% Total Debit Reversal Count (In Mn) Debit Reversal Success %
1 State Bank Of India 1987.68 89.00% 6.43% 4.57% 18.42 81.67%
2 HDFC BANK LTD 681.04 95.96% 3.76% 0.28% 2.93 93.36%
3 Bank of Baroda 502.38 92.92% 5.81% 1.28% 2.83 88.16%
4 Union Bank of India 472.10 93.64% 4.96% 1.40% 4.03 54.32%
5 ICICI Bank 397.14 96.50% 3.29% 0.21% 1.27 93.18%
6 Axis Bank Ltd 367.84 95.47% 4.50% 0.04% 1.26 89.52%
7 Paytm Payments Bank 360.42 96.17% 3.77% 0.06% 0.84 92.69%
8 Kotak Mahindra Bank 358.40 93.36% 5.26% 1.38% 1.70 66.32%
9 Canara Bank 354.92 93.13% 6.21% 0.66% 2.21 83.96%
10 Punjab National Bank 351.60 94.68% 4.98% 0.33% 1.70 96.95%
11 Bank of India 258.24 95.35% 4.34% 0.32% 1.23 84.48%
12 Indian Bank 202.78 93.39% 5.11% 1.49% 1.49 67.72%
13 Airtel Payments Bank 162.94 86.21% 13.11% 0.67% 0.91 93.03%
14 India Post Payment Bank 154.66 57.40% 23.33% 19.26% 6.49 31.89%
15 Federal Bank 127.02 94.17% 5.34% 0.48% 0.53 86.60%
16 Central Bank Of India 123.73 90.05% 8.78% 1.18% 1.16 74.98%
17 Indian Overseas Bank 100.80 94.23% 5.30% 0.47% 0.48 94.74%
18 IDBI Bank Limited 97.58 94.77% 4.02% 1.20% 0.57 86.98%
19 Bank of Maharashtra 89.07 94.51% 4.68% 0.81% 0.36 86.51%
20 UCO Bank 87.90 93.47% 5.87% 0.66% 0.50 79.26%
21 INDUSIND BANK 72.18 93.90% 5.89% 0.21% 0.33 96.05%
22 IDFC FIRST Bank 67.51 91.83% 4.93% 3.24% 0.64 35.14%
23 Yes Bank Ltd 66.76 95.49% 4.13% 0.38% 0.17 92.30%
24 Fino Payments Bank 66.29 76.37% 15.66% 7.97% 1.62 47.82%
25 Karnataka Bank 62.94 90.29% 7.59% 2.11% 0.34 53.91%
26 Karur Vysya Bank 40.92 92.07% 6.79% 1.14% 0.21 80.44%
27 Bandhan Bank 33.89 85.65% 11.75% 2.60% 0.40 77.08%
28 South Indian Bank 32.46 93.93% 5.15% 0.92% 0.16 67.41%
29 City Union Bank 23.61 92.89% 6.25% 0.86% 0.10 94.83%
30 Jammu and Kashmir Bank 23.46 88.47% 6.49% 5.03% 0.32 43.97%
31 Equitas Bank 21.75 89.06% 10.50% 0.44% 0.10 93.42%
32 Ujjivan Small Finance Bank 21.17 92.25% 6.71% 1.05% 0.14 63.25%
33 AU small Finance Bank 20.98 94.57% 5.36% 0.07% 0.10 96.90%
34 Tamilnad Mercantile Bank 20.22 90.23% 8.07% 1.71% 0.10 65.78%
35 DBS Bank India Limited 20.16 95.38% 4.21% 0.41% 0.08 87.64%
36 Punjab and Sind Bank 19.12 86.81% 12.41% 0.78% 0.13 78.29%
37 Standard Chartered 18.03 96.88% 2.54% 0.58% 0.07 91.16%
38 Citibank 16.98 95.34% 3.70% 0.95% 0.06 94.69%
39 Andhra Pradesh Grameena Vikas Bank 16.28 80.56% 12.46% 6.98% 0.17 32.54%
40 Saraswat Bank 15.08 95.25% 3.36% 1.39% 0.04 84.80%
41 Pragathi Krishna Gramin Bank 15.04 87.61% 10.88% 1.50% 0.14 81.24%
42 Maharashtra Gramin Bank 14.93 82.05% 15.61% 2.34% 0.12 48.33%
43 Kerala Gramin Bank 14.21 89.20% 10.23% 0.57% 0.07 91.07%
44 ESAF Small Finance Bank Ltd. 13.60 77.06% 21.90% 1.04% 0.06 85.84%
45 Rajasthan Marudhara Gramin Bank 12.76 80.63% 10.95% 8.41% 0.09 48.40%
46 RBL 10.51 93.16% 6.49% 0.35% 0.04 95.27%
47 Andhra Pragathi Grameena Bank 10.06 77.17% 14.54% 8.29% 0.11 23.55%
48 Sarva Haryana Gramin Bank 10.03 83.21% 7.66% 9.13% 0.25 17.54%
49 Baroda UP Gramin Bank 8.91 85.45% 12.15% 2.39% 0.06 75.51%
50 Baroda Rajasthan Kshetriya Gramin Bank 7.42 82.62% 11.38% 6.00% 0.07 45.77%
UPI Top 50 Banks Performance (Feb'23)
UPI Beneficiary Banks - Top 50 Banks (Feb'23)
Sr.No. UPI Beneficiary Banks (Feb-2023) Total Volume (In Mn) Approved % BD% TD% Deemed Approved %
1 Paytm Payments Bank 1657.41 99.76% 0.21% 0.02% 0.01%
2 Yes Bank Ltd 1186.10 99.85% 0.11% 0.03% 0.01%
3 State Bank Of India 855.15 96.01% 0.26% 3.40% 0.33%
4 ICICI Bank 528.24 99.55% 0.30% 0.11% 0.04%
5 Axis Bank Ltd. 516.94 99.83% 0.14% 0.01% 0.02%
6 HDFC BANK LTD 379.92 99.19% 0.63% 0.09% 0.09%
7 Bank of Baroda 236.71 98.48% 0.41% 0.95% 0.16%
8 Union Bank of India 227.08 98.78% 0.23% 0.66% 0.33%
9 Canara Bank 176.74 99.31% 0.00% 0.57% 0.12%
10 Punjab National Bank 171.55 99.19% 0.44% 0.18% 0.18%
11 Federal Bank 168.80 99.44% 0.31% 0.23% 0.02%
12 Kotak Mahindra Bank 162.23 98.34% 0.57% 0.49% 0.60%
13 Bank of India 129.73 99.45% 0.29% 0.18% 0.08%
14 Airtel Payments Bank 100.18 98.73% 0.27% 0.76% 0.25%
15 Indian Bank 99.83 98.27% 0.39% 1.06% 0.28%
16 INDUSIND BANK 69.51 99.50% 0.25% 0.15% 0.11%
17 Central Bank Of India 62.78 98.27% 0.72% 0.62% 0.39%
18 India Post Payment Bank 58.50 84.59% 1.48% 11.82% 2.11%
19 Indian Overseas Bank 50.96 99.49% 0.25% 0.10% 0.16%
20 IDBI Bank Limited 47.42 98.37% 0.45% 1.04% 0.14%
21 IDFC FIRST Bank 45.95 93.43% 1.80% 4.07% 0.70%
22 UCO Bank 44.98 98.61% 0.71% 0.59% 0.08%
23 Bank of Maharashtra 37.78 98.86% 0.30% 0.65% 0.20%
24 Karnataka Bank 29.54 96.64% 0.88% 2.27% 0.21%
25 Karur Vysya Bank 24.17 98.57% 0.55% 0.72% 0.17%
26 Fino Payments Bank 21.97 92.06% 1.98% 4.49% 1.47%
27 South Indian Bank 21.60 99.06% 0.26% 0.56% 0.12%
28 Bandhan Bank 20.09 96.53% 0.50% 2.66% 0.31%
29 AU small Finance Bank 15.82 98.24% 1.71% 0.05% 0.01%
30 City Union Bank 13.11 98.56% 0.82% 0.53% 0.09%
31 Tamilnad Mercantile Bank 12.46 98.29% 0.36% 1.24% 0.10%
32 Ujjivan Small Finance Bank 11.51 98.64% 0.40% 0.74% 0.23%
33 Equitas Bank 11.17 97.15% 2.64% 0.19% 0.02%
34 CITI 11.09 99.67% 0.00% 0.15% 0.18%
35 Jammu and Kashmir Bank 9.04 96.05% 0.53% 3.19% 0.23%
36 Punjab and Sind Bank 9.03 99.18% 0.23% 0.50% 0.10%
37 Kerala Gramin Bank 8.73 99.42% 0.19% 0.18% 0.22%
38 Pragathi Krishna Gramin Bank 8.39 98.70% 0.34% 0.62% 0.34%
39 DBS Bank India Limited 8.30 98.10% 1.49% 0.26% 0.16%
40 Andhra Pradesh Grameena Vikas Bank 8.06 95.05% 0.30% 3.77% 0.88%
41 RBL 7.24 98.78% 1.12% 0.09% 0.02%
42 Maharashtra Gramin Bank 7.17 97.62% 1.03% 1.09% 0.27%
43 ESAF Small Finance Bank Ltd. 6.66 99.15% 0.18% 0.56% 0.11%
44 Rajasthan Marudhara Gramin Bank 6.66 93.33% 0.43% 5.95% 0.29%
45 Baroda UP Gramin Bank 6.22 94.98% 2.40% 2.42% 0.20%
46 Saraswat Bank 5.83 97.57% 0.29% 2.09% 0.05%
47 Andhra Pragathi Grameena Bank 5.66 91.88% 0.81% 7.12% 0.19%
48 Sarva Haryana Gramin Bank 4.75 92.46% 0.67% 5.81% 1.06%
49 Baroda Rajasthan Kshetriya Gramin Bank 4.29 92.30% 2.45% 4.80% 0.45%
50 Karnataka Vikas Grameena Bank 3.73 93.60% 0.24% 5.70% 0.46%

Glossary

  • Business Decline (BD) - Transaction decline due to a customer entering an invalid pin, incorrect beneficiary account etc. Or due to other business reasons such as exceeding per transaction limit, exceeding permitted count of transactions per day, exceeding amount limit for the day etc. Such declined transactions are termed as Business Decline. Any decline which is not because of a technical reason of the bank or NPCI is termed as business Decline.
  • Technical Decline (TD) - Transaction decline due to technical reasons, such as unavailability of systems and network issues on bank or NPCI side.
  • The Debit Reversal Success percentage indicates the % of total cases, where a customer account may be debited and their bank is unable to confirm instantly about the status of reversal of such a debit. When reversal/credit is not processed instantly, it is processed manually by the bank as per the extant RBI guidelines.
  • Deemed Approved (Pending Credit Confirmation for UPI remittance transactions) - Deemed Approved percentage indicates the total percentage of cases of the total transactions, where credit confirmations are not received online from the beneficiary banks for the credit. If the beneficiary account is not credited online, transaction would be manually processed by the beneficiary bank as per the extant RBI guidelines.
  • Remitter - The account holder who is sending the money
  • Beneficiary - The account holder who is receiving money
  • Remitter Bank - The bank of the account holder who is sending the money
  • Beneficiary Bank - The bank of the account holder who is receiving money
UPI Apps (Feb'23)
UPI Apps (Feb'23)
Sr.No. Application Name Customer Initiated Transactions B2C Transactions B2B Transactions On-us Transactions Total
Volume (Mn) Value (Cr) Volume (Mn) Value (Cr) Volume (Mn) Value (Cr) Volume (Mn) Value (Cr) Volume (Mn) Value (Cr)
1 Airtel Payments Bank Apps 8.71 730.35 - - 0.00 0.01 0.00 0.09 8.71 730.45
2 Allahabad Bank Apps 0.03 8.47 - - - - - - 0.03 8.47
3 Amazon Pay 47.80 4,981.82 - - - - - - 47.80 4,981.82
4 AU Small Finance Bank Apps 0.55 165.07 - - - - - - 0.55 165.07
5 Axis Bank Apps 7.74 1,352.53 44.19 58.61 0.03 2.82 - - 51.95 1,413.95
6 Bajaj Finserv 5.44 882.75 - - - - - - 5.44 882.75
7 Bandhan Bank Apps 0.01 1.71 - - - - - - 0.01 1.71
8 Bank of Baroda Apps 1.14 408.18 - - 0.00 1.15 - - 1.14 409.33
9 Bank of India Apps 0.24 68.69 0.00 0.00 - - - - 0.24 68.69
10 Bank of Maharashtra Apps 0.07 19.02 - - - - - - 0.07 19.02
11 BHIM 23.21 7,158.37 - - - - - - 23.21 7,158.37
12 Bajaj Finserv 0.01 3.43 - - - - - - 0.01 3.43
13 Canara Bank Apps 1.09 284.23 - - - - - - 1.09 284.23
14 Central Bank of India Apps 0.32 72.05 - - 0.00 0.10 - - 0.32 72.15
15 Citi Bank Apps 0.08 59.37 - - 0.00 0.00 - - 0.08 59.37
16 City Union Bank Apps 0.06 15.94 - - - - - - 0.06 15.94
17 Cointab 0.04 16.40 - - - - - - 0.04 16.40
18 Cred 36.57 17,902.20 - - - - - - 36.57 17,902.20
19 DBS Digibank Apps 0.39 161.51 - - - - - - 0.39 161.51
20 Deutsche Bank Apps 1.31 112.45 - - 0.01 5.90 - - 1.32 118.35
21 Transerv 0.02 3.13 - - - - - - 0.02 3.13
22 Dhanlaxmi Bank Apps 0.01 2.67 - - - - - - 0.01 2.67
23 Equitas Small Finance Bank Apps 0.02 11.41 - - - - - - 0.02 11.41
24 EROUTE 0.17 6.08 - - - - - - 0.17 6.08
25 FamPay PPI 1.60 21.73 - - - - - - 1.60 21.73
26 Fave 0.11 7.08 - - - - - - 0.11 7.08
27 Federal Bank Apps 4.76 590.97 - - 0.00 0.00 - - 4.76 590.97
28 Fino Payments bank Apps 0.10 6.50 - - - - - - 0.10 6.50
29 Google Pay 2,639.55 424,442.48 - - - - - - 2,639.55 424,442.48
30 Groww 0.21 158.90 - - - - - - 0.21 158.90
31 HDFC Bank Apps 11.87 3,116.03 - - 0.00 0.14 - - 11.87 3,116.17
32 HSBC Bank Apps 0.12 73.02 0.00 0.02 0.00 0.00 - - 0.12 73.04
33 ICICI Bank Apps 28.99 8,054.44 5.68 390.60 5.84 6,386.36 - - 40.52 14,831.40
34 IDBI Bank Apps 0.07 29.25 - - - - - - 0.07 29.25
35 IDFC Bank Apps 21.31 2,176.07 - - 0.98 868.14 - - 22.28 3,044.21
36 India Post Payments Bank Apps 4.05 609.49 - - - - - - 4.05 609.49
37 Indian Bank Apps 0.24 68.44 - - 0.00 0.13 - - 0.24 68.57
38 Indian Overseas Bank Apps 0.01 2.31 - - - - - - 0.01 2.31
39 IndusInd Bank Apps 0.78 848.43 - - - - - - 0.78 848.43
40 Jio Payments Bank Apps 1.50 104.03 - - - - - - 1.50 104.03
41 Jupiter 2.39 314.07 - - - - - - 2.39 314.07
42 Karnataka Bank Apps 0.39 88.38 - - - - - - 0.39 88.38
43 Karur Vysya Bank Apps 0.04 14.78 - - - - - - 0.04 14.78
44 Kotak Mahindra Bank Apps 12.09 2,521.61 - - 0.00 0.03 - - 12.09 2,521.65
45 MakeMyTrip 0.05 22.70 - - - - - - 0.05 22.70
46 Mobikwik 3.39 804.92 - - - - - - 3.39 804.92
47 NSDL Payments Bank Apps 0.02 3.00 - - - - - - 0.02 3.00
48 Paytm Payments Bank App 1,027.97 116,864.36 10.52 17.08 0.43 621.78 98.61 19,025.03 1,137.53 136,528.25
49 PhonePe 3,519.12 620,121.97 - - - - - - 3,519.12 620,121.97
50 Punjab National Bank Apps 0.33 90.01 - - - - - - 0.33 90.01
51 Punjab Sind Bank Apps 0.04 12.34 - - - - - - 0.04 12.34
52 RBL Bank Apps 1.65 487.72 0.00 0.00 0.10 1.72 - - 1.74 489.45
53 Samsung Pay 5.24 488.33 - - - - - - 5.24 488.33
54 Slash 0.01 0.49 - - - - - - 0.01 0.49
55 slice 0.47 117.78 - - - - - - 0.47 117.78
56 South Indian Bank Apps 0.20 54.81 - - - - - - 0.20 54.81
57 Standard Chartered Bank Apps 0.14 82.79 0.00 0.00 - - - - 0.14 82.79
58 State Bank of India Apps 3.72 1,753.88 - - 0.00 0.05 - - 3.72 1,753.93
59 Tamilnad Mercantile Bank Apps 0.06 10.21 - - - - - - 0.06 10.21
60 TataNeu 0.13 14.54 - - - - - - 0.13 14.54
61 UCO Bank Apps 0.31 97.44 - - - - - - 0.31 97.44
62 Ultracash 0.03 1.67 - - - - - - 0.03 1.67
63 Union Bank Apps 0.71 280.27 - - - - - - 0.71 280.27
64 Utkarsh Small Finance Bank Apps 0.02 9.01 - - - - - - 0.02 9.01
65 WhatsApp 11.63 970.67 - - - - - - 11.63 970.67
66 Yes Bank Apps 25.89 7,481.18 - - 0.66 37.06 - - 26.55 7,518.24
67 Others 0.03 9.01 0.00 - 0.00 0.00 0.00 - 0.03 9.01

Note:-

  • App volume in table is basis the Payer App logic, i.e the financial transaction is attributed to the PSP in UPI on the Payer’s side.
  • All B2C (Business to Customer) & B2B (Business to Business) transactions is attributed to respective PSP .
  • From January 2021 onwards, ‘On-us Transactions’ in UPI that are not processed and settled through the UPI Central System is shown under ‘On-us Transactions’ column.
  • Apps which has volume less than 10,000 is included under ‘Other Apps’.
  • BHIM Volume is inclusive of *99# volume.
  • WhatsApp*: Maximum registered user base of hundred (100) million in UPI
UPI P2P and P2M Transactions
UPI P2P and P2M Transactions
Month Total P2P P2M
Volume (Mn) Value (Cr) Volume (Mn) Value (Cr) Volume (Mn) Value (Cr)
Feb'23 7,534.76 12,35,846.62 3,381.56 9,56,834.37 4,153.20 2,79,012.26

Glossary

  • P2P - P2P transactions are payments done by person to a person i.e. Peer to Peer Payments.
  • P2M - P2M transactions are payments done by person to a merchant i.e. Peer to Merchant Payments
UPI Payer PSP Performance
UPI Payer PSP Performance (Feb'23)
Sr. No. Payer PSP Total Volume (In Mn) Approved % BD % TD %
1 Yes Bank Ltd 2,647.71 98.19% 1.56% 0.26%
2 Axis Bank Ltd 1,406.78 98.26% 1.53% 0.21%
3 ICICI Bank 1,195.11 98.31% 1.46% 0.23%
4 Paytm Payments Bank 1,058.33 98.17% 1.59% 0.24%
5 State Bank Of India 672.74 98.17% 1.59% 0.24%
6 HDFC Bank Ltd 596.39 98.47% 1.33% 0.20%
7 IDFC FIRST Bank 23.00 97.51% 2.47% 0.02%
8 Kotak Mahindra Bank 12.37 97.76% 2.24% 0.00%
9 Airtel Payments Bank 9.11 95.63% 4.26% 0.11%
10 Federal Bank 4.92 97.44% 2.40% 0.16%
11 India Post Payment Bank 4.14 97.76% 2.22% 0.01%
12 RBL Bank 2.29 98.88% 1.07% 0.05%
13 Jio Payments Bank 1.58 94.85% 4.50% 0.64%
14 Deutsche Bank 1.32 99.94% 0.06% 0.00%
15 Bank of Baroda 1.28 89.14% 10.52% 0.34%
UPI Payee PSP Performance (Feb'23)
Sr. No. Payee PSP Total Volume (In Mn) Approved % BD % TD %
1 Yes Bank Ltd 2,728.98 99.45% 0.54% 0.01%
2 Paytm Payments Bank 1,734.74 99.56% 0.43% 0.00%
3 Axis Bank Ltd 915.58 98.99% 1.00% 0.00%
4 ICICI Bank 882.18 99.55% 0.43% 0.02%
5 HDFC Bank Ltd 351.19 98.99% 0.99% 0.02%
6 State Bank Of India 333.55 98.94% 0.86% 0.20%
7 Federal Bank 115.80 97.62% 1.94% 0.44%
8 IndusInd Bank 34.53 98.29% 1.58% 0.12%
9 Kotak Mahindra Bank 28.51 99.17% 0.82% 0.01%
10 IDFC FIRST Bank 22.78 89.05% 10.24% 0.70%
11 Airtel Payments Bank 21.85 97.65% 1.39% 0.96%
12 Cosmos Bank 21.77 77.80% 19.86% 2.34%
13 Citibank 11.24 98.68% 1.00% 0.32%
14 Bank of Baroda 7.51 86.93% 12.49% 0.58%
15 Canara Bank 6.68 99.19% 0.79% 0.03%

Glossary

  • Business Decline (BD) - Transaction decline due to a customer entering an invalid pin, incorrect beneficiary account etc. Or due to other business reasons such as exceeding per transaction limit, exceeding permitted count of transactions per day, exceeding amount limit for the day etc. Such declined transactions are termed as Business Decline. Any decline which is not because of a technical reason of the bank or NPCI is termed as business Decline.
  • Technical Decline (TD) - Transaction decline due to technical reasons, such as unavailability of systems and network issues on bank or NPCI side.
  • PSP - Payment Service Provider
  • Payer PSP - Under this function a bank can onboard a customer, create his/ her UPI ID, create device binding which is used as a first factor of Authentication, using this customer can enter their UPI PIN to approve a financial transaction or non-financial request where ever necessary.
  • Payee PSP - Under this function a bank can onboard a customer/merchant & allow them to receive money basis allocated UPI ID or raise a Collect request. It is also known as beneficiary PSP/resolving PSP.
UPI Merchant Category Classification - February 23
UPI Merchant Category-wise Classification - February'23
Type MCC Description
High Transacting Categories 5411 Groceries and supermarkets
5812 Eating places and restaurants
4814 Telecommunication services, including local and long distance calls, credit card calls, calls through use of magnetic stripe reading telephones and faxes
5814 Fast food restaurants
5816 Digital Goods – Games
5541 Service stations (with or without ancillary services)
5311 Department stores
5912 Drug stores and pharmacies
5462 Bakeries
7299 Miscellaneous personal services not elsewhere classified
Medium Transacting Categories 6540 Debit card to wallet credit (Wallet top up)*
4900 Utilities - electric, gas, water and sanitary
5451 Dairies
5813 Drinking places (alcoholic beverages) - bars, taverns, night-clubs, cocktail lounges and discothèques
7322 Debt collection agencies
5399 Miscellaneous general merchandise
6012 Financial institutions - merchandise and services
8999 Professional services not elsewhere classified
5999 Miscellaneous and speciality retail outlets
5422 Freezer and locker meat provisioners
All Other Categories 6211 Securities - brokers and dealers
5499 Miscellaneous food shops convenience and speciality retail outlets
9399 Government services - not elsewhere classified
5732 Electronics shops
4899 Cable and other pay television services
4214 Motor freight carriers and trucking - local and long distance, moving and storage companies and local delivery
7399 Business services not elsewhere classified
4784 Tolls and bridge fees
5172 Petroleum and petroleum products
Others

Glossary

  • Category classification is made in terms of Approved UPI transaction Volume.
  • High Transacting Categories: Top 10 MCCs
  • Medium Transacting Categories: Next 10 MCCs
  • All Other Categories: Next 9 MCCs along with all other MCCs clubbed under 'Others'
  • MCC Description is with reference to ISO 18245:2003 standard