State Bank of India (SBI)’s mobile wallet, SBI Buddy, now has 11.923 million registered wallet users at the end of the June quarter (Q1FY18). The number of wallets grew around 11.12% from 10.73 million in the preceding quarter and grew exponentially from 4.87 million in the same quarter last year.
Note that SBI does not give information on the number of monthly active users and daily active users. However, the bank said that it is seeing 75000 to 80000 transactions daily and that it is adding 10-15k registrations in a day. For the April to September period, the volume of transactions i.e the number of transactions stood at 14.2 million compared to 5.1 million in the same period last year. The value of these transactions stood at Rs 311 crore compared to Rs 221 crore in the same quarter last year.
SBI has a unified payments interface (UPI) app called SBI Pay and says that it now has 14.8 million users at the end of September growing from 10 million in June, growing 48%. SBI says that its UPI application sees around 23.7 lakh daily
transactions and that it sees 60,000 daily registrations.
- The volume of transactions in the July-September period stood at 34 million compared to 17.8 million in the April-June period, growing 91%.
- The value of transactions in the July-September period stood at Rs 7673 crore growing from Rs 5567 crore in the January-March quarter, growing 37.83%.
The bank’s mobile banking application now has 25.77 million users growing from 13.40 users from the same quarter last year, growing 92.32%.
- The number of transactions stood at 124.1 million in the April-September period compared to 104.1 million growing 19.21% from the same period last year.
- The value of the transactions increased sharply in the April-September period and stood at Rs 2,59,787 crore compared to Rs 2,16,777 crore in the same period last year, growing 19.84%.
Net banking users stood at 42.96 million at the end of June 2017 growing 27.51% from 33.69 million in the same quarter last year.
- Interestingly, the number of transactions stood remained relatively flat. For the April-September period, it stood at 762.5 million compared to 720.1 million in the same period last year.
- The value of these transactions increased 25.91% to Rs 21,32,285 crore in the current quarter.
SBI increased the number of POS machines to 6.42 lakh by the end of the quarter a 78% increase from 3.60 lakh 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.
- The number of transactions at POS machines stood at 209.2million at the end of the April-September period, a 197% increase from 70.5 million from the same period last year.
- The value of transactions stood at Rs 47,825 crore in the April-September period, an increase of 165% from Rs 18,067 crore in the same quarter last year.
- The bank mentioned the daily average number of transactions & value reached 11.04 Lacs transactions per day having a value of Rs 251.57 crore.