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Axis Bank says that it has 2.1 million virtual addresses on the UPI

Axis Bank, the third largest private sector bank in India, says that it has over 2.1 million virtual payment addresses (VPAs) across different apps on the Unified Payments Interface (UPI). The bank said that users added close to 0.4 million bank accounts using @pingpay VPA. To recap, Samsung Pay has its own UPI handle called @pingpay though the back-end infrastructure is provided by Axis Bank. Note that its rival ICICI Bank said that it had 3.3 million VPAs generated from its mobile applications in the preceding quarter. So far, Axis Bank has partnered with a number of technology players to offer UPI including Google Tez, Uber and Ola. Axis Bank added that it has seen more than 11 million transactions on the UPI till date, as per its quarterly report. Cards usage Axis Bank added that it has over 3.8 million credit cards during Q2FY18, an increase of 36% from 2.8 million cards in the same quarter last year. The bank said that credit card spends for the quarter stood at Rs 9915 crore, an increase of 56% from Rs 6351 crore in the same quarter last year. The number of debit cards in Q2FY18 stood at 21.5 million, growing 27% year-on-year. However, debit card spends showed a decline. In the quarter, Axis Bank said that debit card spends were at Rs 7564 crore compared to Rs 7958 crore in the preceding quarter, showing a decline of 4.95%. Axis Bank reported a card fee income of Rs 390 crore for the…

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