New Delhi, NFAPost: India’s homegrown Paytm Payments Bank Ltd (PPBL) has emerged as one of the most successful digital banks operating in the Asia Pacific (APAC) region.
In its report titled ‘Emerging Challengers and Incumbent Operators Battle for Asia Pacific’s Digital Banking Opportunity’, the Boston Consulting Group (BCG) has listed PPBL among the Top 10 digital challenger banks in the region that are profitable and have witnessed significant growth over the past years.
Paytm Payments Bank Ltd MD & CEO Satish Gupta said Paytm is glad that its efforts of constantly improving upon own benchmark for performance have been recognised.
“Being in the top 10 digital banks in the APAC region by BCG is a testament to the role that we have played in empowering millions of fellow citizens to avail the benefits of formal banking services. Our focus remains on launching innovative products & services to accelerate financial inclusion in our country,” said Satish Gupta.
Paytm Payment Bank Ltd is the only Indian digital bank on the list. Other than PPBL, there are four banks from China, four from Japan, and one from South Korea.
Paytm Payments Bank is already one of the top enablers of digital payments in India. Over the last several quarters, it has registered substantial growth in transactions through Paytm Wallet, Paytm FASTag, Paytm UPI, and netbanking. PPBL is rapidly gaining the trust of millions of Indians with over 64 million accounts. It is also one of the top beneficiary and remitter banks for UPI transactions in India.
In its report, BCG has identified & analyzed a total of 249 digital banks globally. Out of these only 13 banks have achieved break-even and Paytm Payments Bank is one of them.
This further confirms the fact that PPBL’s technology infrastructure is one of the best in the global banking industry. It has driven innovation in the banking industry, improved service quality, and boosted financial inclusion across the country.