Axis Bank says it processed over 81 million UPI transactions during the quarter ended March 31st, 2018, claiming to have a market share of 17% on the platform. This is a substantial decline from around 95 million UPI transactions reported last quarter. The company did not disclose how many of these 81 million were low-value transactions or cashbacks. Its total number of transactions using UPI were over 190 million UPI (Unified Payment Interface) transactions till date across apps for its 11.5 million VPAs. One reason for the growth in the processing of UPI transactions is the fact that Axis Bank is one of four partners for Google Tez, facilitating processing of payments across UPI-enabled banks.
Axis Bank Marketshare Claims
– Debit Cards: 7%
– Credit Cards: 12%
– Mobile Banking: 16%
– Point of Sales terminals: 16%
– UPI: 17%
Axis Bank says it has a registered customer base of 13.65 million. Last quarter, it had said that it had a registered base of 9.5 million. Axis Pay, the banks UPI app has over 11.5 million VPAs. Last quarter, it had 6.5 million VPAs.
Around 161,800+ Axis Bank cards were registered for SamsungPay in 13 months, with around 0.87 million bank accounts using the @pingpay VPA. Last quarter, this was around 130,000 cards, over 10 months, and around 0.65 million bank accounts using @pingpay.
Axis Bank says it has over 16,150 merchants on-boarded for UPI, more than 5 times the 3078 merchants it reported last quarter. Axis Bank’s partners for UPI acceptance include Google, IRCTC, LIC, Uber, Ola, IOCL, BPCL, Future Group, Reliance Digital, etc.
Axis Bank counts UPI transactions as a part of its Mobile Banking transactions and said that mobile banking transaction volumes rose 158% YOY while the amount transacted in Q4 reported a growth of 71% YOY, primarily led by a surge in UPI transactions. Mobile banking logins were 6.5 times Internet banking logins, and around 42% of Mobile Banking customers bank only on Mobile App. 58% of Axis Bank’s active customers are Digitally active.
– Axis Bank BMTC Smart Card, with the Bangalore Metropolitan Transport Corporation, had over 15 million merchant outlets, and 130,200+ cards issued till date. Curiously, last quarter the bank had pegged the number of BMTC cards issued at 133,000, so the older number may have been inaccurate.
– The share of digital transactions in the overall transaction mix for the Bank remained strong and stood at 66% as at end of March 2018.
– The Bank had 4.5 million credit cards in force at the end of the quarter, making it the 4th largest credit card issuer in the country, with a market share of 12%. Credit Card spends in Q4 increased by 54% YoY to Rs 13,167 crores, and Debit Card spends grew 1% YoY to Rs 8,678 crores.
Freecharge adds UPI
Axis Bank owned payments wallet Freecharge announced the launch of UPI based payments on its Android application in March. Freecharge users are able to make and receive payments via their @freecharge Virtual Payments Address (VPA). Freecharge’s addition of UPI doesn’t come as a surprise because mobile wallets, like the one run by Freecharge, have seen a decline in usage over the past month as RBI’s stricter KYC norms have come into effect.
Freecharge, was bought by Axis Bank in July last year. Since the acquisition, Freecharge’s total payments volume has gone up by 36% and monthly active users have risen by 44%.