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SBI has 34 lakh wallet users while mobile banking has 1.38 crore

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State Bank of India, the country’s largest lender, has more than 34.04 lakh registrations for its Buddy Wallet at the end of the June quarter. In recent times, the bank has been aggressively expanding its wallet operations and tied up with tied up with IRCTC and Aditya Birla Group to allow customers to make payments.  Apart from this, SBI Buddy has tied up with brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England to enable mobile payments across its 1200+ stores in the country.

Its rival, ICICI Bank, has 44 lakh registrations for its Pockets app at the end of the June quarter. Although, Paytm is leading in terms of wallet users with 125 million, followed by MobiKwik (32 million) and FreeCharge (30 million). Idea reported that it had 34 lakh users for its wallet service at the end of the June quarter.

Wallet transactions have been increasing. According to a report by Google and Boston Consulting Group, prepaid instrument (wallet) transactions have grown 124% to 747 million in FY16 from 66 million transactions in FY13.

Mobile banking

SBI mentioned that it has 1.38 crore active retail customers for its mobile banking app while it had 55,331 customers for its corporate mobile banking app. The amount transacted in Q1 stood at Rs 15,648 crore for retail and Rs 47,800 crore for corporate.

In Q1, the number of mobile banking transactions stood at Rs 4.97 crore growing over 108% from Rs 2.38 crore in the same quarter last year.

Mobile banking accounted for 2.07% of all transactions at SBI.

Internet banking

SBI’s internet banking had 2.63 crore customers for retail and 11.27 lakh customers for corporate. The average number of daily transactions in the quarter stood at 27.62 lakh for retail while the number stood at 9.49 lakh. In Q1, the total number of internet banking transactions increased 21.42% to 34 crore from 28 crore in the same quarter.

The share of internet banking in SBI’s total tranactions was 18.45%.

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ