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SBI reports 1.84M active UPI users; PoS terminals down

State Bank of India’s YONO (You Only Need One) app has 1.49 million registered users, and has been downloaded 4.37 million times – a conversion rate of 34% for the app, the company disclosed in its presentation for the year ending 31st March 2018 (FY18). The app reported only around 0.77 million transactions, and 0.19 million logins per day, despite SBI including a “74 partners in 16 categories”, as well as a financial super store, with multiple SBI products like SBI Life, SBI Cards, SBI Cam Sec, SBI General Insurance on the platform.

The YONO app enables the opening of digital and Insta bank accounts, and around 0.136 million accounts were opened via the app.

SBI hasn’t disclosed any information about its SBI Buddy wallet this quarter. SBI Buddy seemed to have been doing better than YONO: last quarter, it reported 21.1 million transactions, 12.5 million users and Rs 420 crores in transactions. Wallets are old news, eh?

Alternate channels

That said, around 80% of total transactions for SBI came through “alternate channels”, which are channels other than the bank branch:
– 21% via Internet banking
– 13% on PoS terminals
– 3% on mobile banking
– 34% on ATM/CDM
– 9% via banking correspondents

A year ago, this was 75%.


SBI has a unified payments interface (UPI) app called SBI Pay and says that it now had 1.84 million active users at the end of March, up 55.9% from 1.18 million at the end of December 2017. The app saw an average of 0.11 million daily transactions in FY18, and around 44,000 daily registrations.

– The volume of transactions in the January-March period stood at 193.6 million compared to 156.7 million in the October-December period, growing 23.5%.
– The value of transactions in the January-March period stood at Rs 37,923 crore growing from Rs 17,824 crore in the October-December quarter, growing 112.76%.

Mobile banking

The bank’s mobile banking application now has 30.5 million users growing from 20.27 million users from the same quarter last year, growing 50.4%.

– The number of transactions stood at 270.6 million in the January-March period compared to 241.3 million, growing 12.1% from the same period last year.
– The value of the transactions increased sharply in the January-March period and stood at Rs 600,502 crore compared to Rs 612,790 crore in the same period last year, declining 2%.

Net banking

Net banking users stood at 47.922 million at the end of March 2018 growing 25.41% from 38.21 million in the same quarter last year.

– For the January-March period, number of transactions were at 1590 million compared to 1490 million in the same period last year, up 6.7%
– The value of these transactions increased 24% to Rs 9,882,905 crore in the current quarter, up from 7,967,967 crores.

Merchant Acceptance

SBI said that it has 1.964 million Merchant Payments Acceptance Touch Points, including:
– 202,362 Bharat QR deployments, up 183.2% from 71,451 at the end of December 2017.
– 609,789 point of sales (PoS) terminals. Oddly enough, this is down from around 642,000 terminals at the end of June last year. That’s down around 5% since June, and around 3.76% since December, when it had 633,640 terminals. The company says it has 20.2% marketshare in PoS.

In addition, SBI is claiming 496,970 BHIM-Aadhaar-SBI Merchant Payments Acceptance touch points, 558,440 of SBI Pay Merchant Acceptance touch points, and 96,771 for BHIM.

Business Correspondents

The company did not disclose transactions via Business Correspondents channel. Last year, this was at Rs 22.79 crores, and 73,820 transactions.

Debit and Credit Cards

SBI has a leadership position in Debit Card spends with 30.40% Market-share, up 1.07% year on year. Credit card spends market share at 16.8% up 3.69% YoY.

Downloads: Analyst presentation | Chairman’s presentation

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