Yes Bank’s Managing Director and CEO, Prashant Kumar, disclosed a significant rise in monthly unified payments interface (UPI) transactions following its collaboration with Paytm, increasing from approximately 3.3 million to 5 million. The bank reported a net profit of Rs 452 crore for Q4 FY24, compared to Rs 202.43 crore in the previous fiscal year’s corresponding quarter. Yes Bank’s market share in merchant UPI transactions stands at around 55%, offering potential for fee income and future product cross-selling. The bank, alongside Axis Bank, swiftly integrated with Paytm following NPCI’s approval, enhancing its digital payment ecosystem. Additionally, Yes Bank recorded a two percent increase in net interest income and a 22.5 percent rise in total deposits.
Yes Bank Sees Surge in UPI Transactions Post Partnership with Paytm
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