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Axis Bank processed 79mn UPI transactions in Q1-FY19; 1mn on SamsungPay

axis bank

Axis Bank says it processed over 79 million UPI transactions during the quarter ended June 30th, 2018, claiming to have a market share of 10% on the platform. This is a decline from around 81 million UPI transactions reported last quarter. The company did not disclose how many of these 79 million were low-value transactions or cashbacks. Its total number of transactions using UPI were over 262 million UPI (Unified Payment Interface) transactions till date across apps for its 14.6 million VPAs. It is to be noted that Axis Bank is one of four partners for Google Tez, facilitating processing of payments across UPI-enabled banks.

Note that its rival ICICI Bank said that it had 15.4 million VPAs generated from its mobile applications in the quarter ending June 30th 2018.

Axis Bank Marketshare Claims
– Debit Cards: 7%
– Credit Cards: 12%
– Mobile Banking: 17%
– Point of Sales terminals: 16%
– UPI: 10%

Axis Bank says it has a registered customer base of 19.9 million. Last quarter, it had said that it had a registered base of 13.65 million. Axis Pay, the banks UPI app has over 14.6 million VPAs. Last quarter, it had 11.5 million VPAs.

Samsung Pay

Over 188,000 Axis Bank cards were registered for SamsungPay in 16 months, with around 1 million bank accounts using the @pingpay VPA. Last quarter, this was around 161,800+ cards, over 13 months, and around 0.87 million bank accounts using @pingpay.

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Axis Bank says it has over 64,165 merchants on-boarded for UPI, almost 4 times the 16,150 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 203% YOY while the amount transacted in Q1 reported a growth of 90% YOY, primarily led by a surge in UPI transactions. Mobile banking logins were 9.4 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.

Other data

– Axis Bank BMTC Smart Card, with the Bangalore Metropolitan Transport Corporation, had over 138,064+ cards issued till date. In the last quarter the bank had pegged the number of BMTC cards issued at 130,200.
– The share of digital transactions in the overall transaction mix for the Bank remained strong and stood at 70% as at end of June 2018.
– The Bank had 4.7 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 Q1 increased by 51% YoY to Rs 14,414 crores, and Debit Card spends grew 28% YoY to Rs 10,169 crores.

– Launched an AI-led Virtual Assistant, ‘AXIS Aha’, to Enhance online customer experience. It has processed over 0.7 million conversations and answered over 2.4mn FAQs and transacted over `7.4 mn since inception.

– Since the acquisition, Freecharge’s total payments volume has gone up by 68% and new active users have risen by 192%. Freecharge, was bought by Axis Bank in July last year

View: Financial results | Investor presentation

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