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%. UPI 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…
