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Fino Payments Bank tops MeitY’s digital payment ranking in August – 05.11.2019

Fino Payments Bank has recorded double the initial target for digital transactions in August followed by HDFC Bank that achieved 114% of its target for the month.

Fino Payments Bank topped the list in achieving the target for August with a score of 71, while HDFC Bank finished second with a score of 70, according to monthly data from the Ministry of Electronics and Information Technology (MeitY). The next three slots were taken by IDBI Bank, ICICI Bank, and Airtel Payments Bank, all with a score of 66. ET saw a copy of the report.

Paytm Payments Bank, which had finished third in July, slipped to 13th position in August but achieved 100% of its merchant onboarding target.

MeitY sent a letter to banks on October 21 revising the individual targets of digital payments and merchant onboarding set for multiple banks. ET has seen a copy of the letter.

In absolute terms, Fino has been given a target of achieving 220 million digital transactions in the current year.

“Currently, we do around $1.1 billion worth of transactions every month, a significant number of them facilitated through digital platforms such as AePS, micro ATM, UPI, IMPS, etc,” said Ashish Ahuja, a chief business officer at Fino Payments Bank. “Achieving over 200% of the target and topping the MeitY rankings once again that includes the biggest names in banking, indicates great performance and high level of consistency from Fino.”

Besides the number of transactions, MeitY in the letter sent to banks has also specified new targets for merchant onboarding in rural areas and the Northeast.

Commenting on the revision of target a Paytm spokesperson said: “We continue to lead MeitY’s monthly scorecard and have regularly superseded our targets. The revision of digital payments allocation is an encouraging move and reflects the trust on us to expand the digital payments ecosystem across the country. We are seeing huge traction and are confident of achieving the increased target.”

Banks that have been given revised targets include Canara Bank, RBL Bank, and Fino Payments Bank.

Source: ETtech  

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