State Bank of India’s mobile wallet, SBI Buddy now has 10.73 million registered wallet users at the end of the June quarter (Q1FY18). The number of wallets grew around 2% from 10.52 in the preceding quarter but grew exponentially from 3.26 million in the same quarter last year. Note that registered users does not incicate active usage and SBI does not give information on daily active users and monthly active users.
SBI says that the wallet is seeing around 75-80k transactions daily and that it is adding 10-15k registrations in a day. In the April-June quarter, the volume of transactions i.e the number of transactions stood at 6.4 million compared to 2.1 million in the same quarter. The value of these transactions stood at Rs 170 crore compared to Rs 121 crore in the June 2016 quarter.
UPI: SBI has an unified payments interface (UPI) app called SBI Pay and says that it now has 9.992 million users at the end of June growing from 7.6 million in April.
Note that, in an RTI application filed by MediaNama, SBI said that it does not know how many of its customers have signed up on UPI apps with SBI accounts. At the same time, it mentioned that SBI Pay, had 2.29 lakh users as of this March. We are not sure if SBI is also counting the number of SBI accounts which are linked to BHIM and is awaiting clarification from the bank
- The volume of transactions in the April-June period stood at 17.8 million compared to 7.7 million in the January-March period.
- The value of transactions in the April-June period stood at Rs 5567 crore growing from Rs 2450 crore in the January-March quarter.
Mobile banking: The bank’s mobile banking application now has 23.07 million users growing from 11.36 users from the same quarter last year.
- The number of transactions stood at 60.3 million compared to 51.7 million growing 16.3%.
- The value of the transactions increased sharply in the quarter and stood at Rs 1,24,173 crore compared to Rs 69,679 crore in the June 2016 quarter.
Net banking: Net banking users stood at 40.23 million at the end of June 2017 growing 25.66% from 32.017 million in the same quarter last year.
- Interestingly, the number of transactions stood remained relatively flat. It stood at 370.7 million in the June 2017 quarter compared to 357.1 million in the June 2016 quarter.
- The value of these transactions increased 24.9% to Rs 21,32,285 crore in the current quarter.
POS machines: SBI increased the number of POS machines to 6.05 lakh by the end of the quarter an increase from 3.35 machines in the June 2016 quarter. SBI has been aggressively pushing POS machine adoption in the country. In May 2016, it overtook HDFC Bank as largest issuer of POS terminals.
- Number of transactions at POS machines stood at 107.7 million at the end of the quarter a 221% increase from 33.5 million from the June 2016 quarter (we’re guessing that the bump in numbers was due to the demonetization drive in November 2016).
- The value of transactions stood at Rs 24,680 crore, an increase of 198% from Rs 8285 crore in the same quarter last year.
- The bank mentioned the daily average number of transactions & value reached 11.84 Lacs transactions per day having value of Rs 271.21 crores.
Download: Analyst presentation