Yes Bank now leads UPI beneficiary payments, capturing nearly 40% of all UPI transactions received by merchants—double its share two years ago—thanks to powering platforms like PhonePe and handling Paytm merchant settlement after Paytm Payments Bank was shut by RBI . Along with HDFC Bank, ICICI Bank, and Axis Bank, these four banks now manage roughly 60% of inbound UPI merchant volumes . Axis Bank’s share has also grown, climbing from around 7% to nearly 10%, while SBI holds steady at 10% . This trend underscores how a small group of banks is consolidating control over the receiving side of UPI, even as the payer-side landscape remains more dispersed.

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