Leading UPI remitter banks in India 2023, by volume
In June 2023, the State Bank of India was the leading remitter bank for UPI transactions in India with around 2.4 billion transactions. HDFC bank followed with almost 831 million transactions. Remitter bank refers to the bank of the account holder who is sending the money.
Unified Payments Interface (UPI) is a product of the National Payments Corporation of India (NPCI) and was launched in 2016. It allows users of payment service providers like PhonePe or GooglePay to use NPCI as the switch to connect with banks and transfer money. It is more user-friendly than older transaction modes such as IMPS.
Unified Payments Interface (UPI) is a product of the National Payments Corporation of India (NPCI) and was launched in 2016. It allows users of payment service providers like PhonePe or GooglePay to use NPCI as the switch to connect with banks and transfer money. It is more user-friendly than older transaction modes such as IMPS.
