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Axis Bank processed 122M UPI transactions, market share down 2% in Q2FY19

axis bank

Axis Bank processed over 122 million UPI transactions during the quarter ended September 30, 2018. It claims to have a market share of 8% on the platform. This is significantly higher from around 79 million UPI transactions reported last quarter, although it then claimed a market share of 10%. The total transaction value from these 122 million transactions grew 22 times YoY to Rs 13,320 crores.

The company did not disclose how many of these 122 million were low-value transactions or cashbacks. The total number of cumulative transactions using UPI was over 384 million UPI transactions to date across apps for its 18.8 million VPAs. This cumulative number includes debit transactions for Axis Pay, Axis Merchants accounts, Samsung Pay, Google Pay transactions from individuals, merchants and fulfillment transactions (Axis Bank is one of the four partners for Google Pay.) As of June 30, the bank had processed 262 million UPI transactions for its then 14.6 million VPAs. 

Note that its rival ICICI Bank said that it had 21 million VPAs from its mobile applications in the quarter ending September 30 2018.

Axis Bank claims the market share of:

  • Debit Cards: 7%
  • Credit Cards: 12%
  • Mobile Banking: 17%
  • Point of Sales terminals: 15%, down by 1% QoQ
  • UPI: 8%, down by 2% QoQ

Note that all the above metrics have remained flat, except for UPI transactions and PoS terminals share. Axis Bank says it has a registered customer base of 26 million up from 19.9 million last quarter. 

Axis Pay

It appears that the bank has not released standalone numbers for Axis Pay, the bank’s own UPI app. Last quarter, the app had over 14.6 million VPAs.

Samsung Pay

Over 220,000 Axis Bank cards were registered for SamsungPay to date, with around 1.32 million bank accounts using the @pingpay VPA. Last quarter, this was around 188,000 cards, over 13 months, and around 1 million bank accounts using @pingpay.

Axis Bank says it has over 75,129 merchants on-boarded for UPI – 4.6 times the 16,150 merchants it reported just two quarters back (Q4FY18). Last quarter, the bank had 64,165 merchants. Axis Bank’s partners for UPI acceptance include Google, IRCTC, LIC, Uber, Ola, IOCL, BPCL, Future Group, Reliance Digital, etc.

Mobile banking

Axis Bank counts UPI transactions as a part of its Mobile Banking transactions and said that mobile banking transaction volumes rose 267% YoY while the amount transacted in Q2FY19 reported a growth of 106% YOY, primarily led by a surge in UPI transactions. Mobile banking logins were 9.9 times the Internet banking logins, and around 43% of Mobile Banking customers bank only on the Mobile App. 60% of Axis Bank’s active customers are digitally active.

Other data

  • Axis Bank BMTC Smart Card, with the Bangalore Metropolitan Transport Corporation, had over 138,088 cards issued till date. In the last quarter, the bank had pegged this number was 130,064.
  • The share of digital transactions in the overall transaction mix for the bank remained strong and stood at 72% as at end of September 2018.
  • The bank had 5 million credit cards operational at the end of the quarter, with a market share of 12%. It claims to be the 4th largest credit card issuer in the country. Credit Card spends in Q2 increased by 44% YoY to Rs 14,311 crores, and Debit Card spends grew 39% YoY to Rs 10,516 crores.
  • Launched AI-powered virtual assistant ‘AXIS Aha’ last quarter as an addition to customer care services. It processed over 1.4 million conversations, answered over 4.2 million FAQs and carried out 15 million transactions since launch.
  • Since October 2017, Freecharge’s total payments volume has gone up by 90% and new active users have risen by 133%. Freecharge, was bought by Axis Bank in July last year.

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