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 quarter ended March 2017 (Q4 FY17). This was 34.25% year-on-year (YoY) increase from Rs 290.5 crore. This accounted for around 18% of the total fee income at the bank. The bank also added that card income is a significant portion of the composition of retail fee income and stood at 39% for H1FY18.

Axis Bank has a significant card business and is the fourth largest issuer of credit and debit cards. It is also the second largest POS terminal merchant acquirer in the country.

Mobile banking

Mobile banking transaction volume stood at 33.1 million at the end of the quarter and the spends on mobile banking were Rs 41,501 crore growing 78% YoY.