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SBI shutting SBI Buddy, 55% accounts Aadhaar seeded, 38% of new accounts on YONO

SBI, state bank of India

State Bank of India , which has begun shutting down its SBI Buddy mobile service, said that its YONO (You Only Need One) app accounted for 38% of total SBI bank accounts opened during Q2FY19. YOYO accounts were opened at the rate of around 20,000 per day, peaking on September 27th at 31,000. Just for context, a couple of years ago, this was below the 10,000 per day mark. Around 61% of YONO customers are in the 18-30 year age bracket. The YONO app enables the opening of digital and Insta bank accounts. The Bank hasn't disclosed how many registered users YONO has, the number of downloads, or, as it did earlier, the number of transactions (which used to be low) or logins per day. As of a couple of quarters ago, the SBI Buddy wallet seemed to be doing…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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