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SBI Buddy registered users grew 4.88% QoQ to 12.5 million in Q3FY18

State Bank of India (SBI)’s mobile wallet, SBI Buddy now has 12.505 million registered wallet users at the end of the December quarter (Q3FY18). The number of wallets grew 4.88% from 11.923 million in the preceding quarter and grew around 57.6% from 7.935 million in the corresponding quarter last year. In Q1FY18, the number of wallet users stood at 10.73 million.

Note that SBI does not provide information on the number of monthly active users and daily active users. However, the bank said that it is currently processing 75,000 to 80,000 transactions daily and adding 5,000 to 10,000 registrations per day.

It’s worth noting that for the April-December 2017 period, the number of transactions stood at 21.1 million compared to 12 million in the same period last year. On the other hand, the value of these transactions stood at Rs 420 crore, down from Rs 508 crore in the same period last year. So, while the number of transactions have nearly doubled, the value of these transactions have reduced by Rs 88 crore, which is possibly an indication that users are making more small ticket transactions via SBI Buddy.

UPI

SBI’s unified payments interface (UPI) app, SBI Pay now has 10.9 million active users at the end of Q3FY18, as compared to 7.7 million active users in Q2FY18, and 5 million active users in Q1FY18. Note that the number of SBI Pay users also includes BHIM and USSD.

SBI says that its UPI app witnesses around 17.03 lakh daily transactions, as compared to 23.7 lakh daily transactions in the previous quarter, and it sees 37,000 daily registrations, as compared to 60,000 daily transactions in Q2FY18.

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  • The volume of transactions in the October-December period stood at 156.7 million, more than triple the 34 million transactions in the July-September period.
  • The value of transactions in the October-December period stood at Rs 17,824 crore, more than double from Rs 7,673 crore in the July-September period.

Mobile Banking

The bank’s mobile banking application now has 28.39 million users, up 10.16% from 25.77 million users in the previous quarter, and up 66.88% from 17 million users in the same quarter last year.

  • The number of transactions stood at 197.4 million for the April-December period, up 10.7% from 178.3 million in the same period last year.
  • However, the value of the transactions dropped marginally in the April-December period to Rs 4,20,903 crore from Rs 4,35,274 crore in the same period last year.

Net Banking

Net banking users stood at 45.72 million at the end of Q3FY18, up 6.44% from 42.95 million in the previous quarter, and up 28.75% from 35.51 million in the corresponding quarter last year.

  • For the second quarter running, the number of transactions remained relatively flat at 1.16 billion for the April-December 2017 period, as compared to 1.1 billion in the same period last year.
  • The value of these transactions increased 25.1% to Rs 70,27,250 crore for the April-December 2017 period, from Rs 56,17,199 crore in the same period last year.

PoS terminals

SBI increased the number of point-of-sale (PoS) terminals to 6.34 lakh by the end of the quarter, a 51% increase from 4.19 lakh terminals at the end of December 2016. However, the number of PoS terminals marginally reduced from 6.42 lakh in the previous quarter. Note that in May 2016, SBI had overtaken HDFC Bank as largest issuer of PoS terminals.

  • The number of transactions at SBI PoS terminals stood at 321.4 million for the April-December 2017 period, an 88% increase from 170.7 million transactions over the same period last year.
  • The value of transactions stood at Rs 76,844 crore for the April-December period, an increase of 87% from Rs 41,071 crore over the same period last year.
  • The bank mentioned that it recorded the highest monthly transaction value of Rs 9,971 crore in the month of December 2017.

Overall, In Q3FY18, transactions via digital channels accounted for 36% of SBI’s total transactions, up from 28% in Q3FY17. Internet banking transactions accounted for 20% of all digital transactions, up from 18% in the same quarter last year. Point-of-sale (PoS) transactions accounted for 13% of all digital transactions, up from 8% in Q3FY17. While mobile banking transactions represented 3% of all digital transactions in the December quarter, up from 2% in the corresponding quarter last year.

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