Four banks bag bulk of UPI beneficiary payments

While fintechs, PhonePe and Google Pay have a major chunk of the overall UPI payments market as third party applications, a handful of banks dominate the merchant payments on the popular platform.

Almost 60% of the transactions are made to Yes Bank, HDFC Bank, ICICI Bank, and Axis Bank handles according to data shared by the National Payments Corporation of India that runs UPI. Among the four private sector lenders, Yes bank has the highest share of such transactions at 40%, which has doubled in the last two years.

NPCI identifies them as…