Yes Bank saw a key growth in unified payments interface (UPI) transactions monthly -- from nearly 3.3 to 5 million -- after its partnership with Paytm, its Managing Director and CEO, Prashant Kumar, said on Saturday.
Yes Bank registered Rs 452 crore in net profit for the fourth quarter (Q4) of FY24 compared to Rs 202.43 crore in the same quarter last fiscal year.
After the robust quarterly results, Kumar said that before the partnership with Paytm, "we were seeing around 3.3 million UPI transactions and now we are seeing 5 million monthly transactions on UPI".
"Our market share in merchant UPI transactions is around 55 per cent. This gives us advantage on fee income and we may look at cross selling products to them in future," he added.
Following the National Payment Corporation of India's (NPCI) approval on March 14 to onboard One 97 Communications Limited (OCL), which owns Paytm, as a third party application provider (TPAP) on the Multi Payment Service Provider API Model, Paytm expedited the integration with Yes Bank, Axis Bank, HDFC Bank and the State Bank of India.
Yes Bank, along with Axis Bank, went live on Paytm app early on March 15. Meanwhile, Yes Bank reported a net interest income (NII) of Rs 2,153 crore, up two per cent from the corresponding figure of Rs 2,105 crore recorded in the same quarter of the previous year. The total deposits were Rs 2.6 lakh crore, up 22.5 per cent.
