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Digital banking in Q3FY19: ICICI, Kotak Mahindra, Union, Canara and Yes Bank

payments, digital payments

All numbers for Q3FY19 unless stated otherwise.

ICICI Bank: 23 million VPAs; digital transactions and notes

ICICI Bank had 23 million VPAs on its own and partner platforms until December 21, 2018.

Debit Cards:

  • Total transaction volume: Rs 118.7 million, up from Rs 98.1 million in Q3FY18
  • Total transaction value: Rs 177.6 million, up from Rs 144.45 million, up 21% YoY

Credit Cards:

  • Volume: Rs 62.9 million, up from Rs 48.8 million
  • Value: Rs 177.12 million, up from Rs 138.65 million, up 29% YoY

Notes from Digital

Digital channels, like internet & mobile banking, POS, etc, accounted for over 85% of the savings accounts transactions in the 9 months leading to 31 December 2019.

  • Launched a co-branded credit card ‘Amazon Pay ICICI Bank Credit Card’ with Amazon Pay under a 7-year contract, currently offered invite-only to select customers of ICICI Bank
  • Introduced lending service PayLater, which uses UPI 2.0, to provide pay later services for online shopping, bill payments, entertainment and travel bookings
  • Began digital transactions for import payments and export bill handling on Trade Online
  • The ‘Trade Online’ platform was integrated with Import Data Processing & Monitoring System (IDPMS) and Export Data Processing & Monitoring System (EDPMS)

Download: Presentation | Release

Kotak Mahindra Bank: 31M UPI transactions in December, 3 lakh users on WhatsApp

Kotak Mahindra Bank’s mobile banking grew by 221% year-on-year in volume, while there was a 76% year-on-year growth in monthly active users in mobile banking. The bank also carried out 31 million UPI transactions in December 2018.

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Here are all the highlights from the bank’s digital initiatives:

  • 89% of Recurring deposits and 68% of Fixed Deposit were sourced digitally
  • 77% mobile banking customers are via app only
  • 14 times increase in logins on mobile banking as compared to net banking
  • 3 lakh users on WhatsApp and 10 lakh opt-ins received
  • 108% year-to-date increase in traffic on Kotak Mahindra website
  • Net banking payments gateway volume growth: 38%
  • 31 million UPI transactions in December 2018, 7 times growth YoY in this quarter
  • 198% YoY growth in KayMall transactions volumes
  • AePS transactions at over 4 million since launch, and GMV over Rs 400 crore
  • 400 times growth of AePS volumes and value in this quarter since launch in the preceding quarter
  • 1.4x YoY increase in credit card acquisition
  • 1.6x YoY increase in digital salaried personal loans disbursed
  • 35% increase in acquiring home loans digitally
  • 13% contribution of digital in business
  • The bank uses Ripple blockchain platform for inward remittance transactions
  • Open banking platform launched with lending and payments APIs, now live on 49 partners
  • Launched 4 municipal corporations for water bills under Bharat Bill Payments System
  • AI powered voicebot Keya now integrated into Google Assistant and Kotak’s mobile apps

Kotak Securities:

  • 37% YoY growth in mobile cash ADV, 147% growth in mobile total ADV
  • Kotak Life Insurance: 90% of individual policies in Q3 were sourced through Genie, 96% of sales in Q3 came via Genie for BANCA channel

Kotak General Insurance:

  • 90% YoY growth in volume of digital business
  • 64% YoY growth in value of digital business

Download: Presentation

Yes Bank

Yes Bank claims to capture 30% of the UPI merchant payments volume, and claimed to process 360 million UPI transactions.

  • Yes Bank claims to have 30% of UPI merchants payments volumes as per NPCI data
  • Processed 360 million UPI transactions amounting to Rs 65,000 crore in Q3FY19
  • Total UPI registrations crossed 100 million
  • Financials transactions volume crossed 35 lakh in the quarter
  • IMPS: Claims to be the top remitter bank within peer group per transaction volume given by NPCI, 72% YoY increase in volumes
  • Claims to have 2.92% by volume and 2.38% by value of NEFT & RTGS transactions
  • Processed 45 million transactions on AePS, with over 2.7 lakh business correspondent agents enabled this quarter
  • Yes Mobile: Registrations, Transaction value & volumes grew by 1.75x, 2.3x and 1.75x year-on-year respectively
  • Debit Card: Transactions grew 46% YoY to cross 9 million, total spend grew 50% to Rs 1,400 crore
  •  Launched end-to-end acceptance of NACH Debit mandates for corporate customers via net banking
  • Developed cashless solution for Puducherry Smart City, and will implement Bharat QR
  • YES Digi Villages program to “adopt 2,000 villages and empower 1 lakh lives.”

Download: Presentation | Release

Axis Bank: 26.4 million VPAs, 635 million UPI transactions

Axis Bank claims to have 9% of the UPI transactions market in the quarter ended December 31, 2018, and claims to have 14% of the mobile banking market share. Axis Bank said it has 26.4 million VPAs, and 37 million registered UPI customers.

More number on UPI here:

  • 635 million UPI transactions in Q3, up from 384 million in Q2, and 109 million transactions in Q3FY18
  • Unique registered customer base was 37.1 million customers, up from 26.2 million in Q2, and 9.5 million in Q3FY18
  • UPI transaction value stood at Rs 23,699 crore, up from Rs 13,320 crore in the preceding quarter, and Rs 3,361 crore in Q3FY18
  • 85,000 merchants onboarded


  • Credit Card market share grew 2 times in the last 5 years
  • Credit Card market share by spend was 10.8% in March 2018, up from 9.2% in March 2017
  • Credit Cards spends increased by 43% YoY to Rs 16,777 crore with 5.5 million credit cards in force
  • Debit Card spends increased by 41% YoY to Rs 12,271 crore, with 26.2 million cards in force

Mobile banking

  • 43% mobile banking customers only the mobile app
  • Mobile transaction volume increased 152% YoY to 251.5 million, and mobile banking spends increased 99% YoY to Rs 1,01,303 crore.
  • Mobile banking logins are 9.2 times of internet banking logins
  • Mobile transactions market share stood at 13.7%

Digital numbers

  • 64% of the bank’s customers are digitally active: Card usage by merchants has increased to 122 million in volume of transactions; while card usage at ATMs stood at 85 million transactions
  • 50% of Savings accounts were sourced via tablet banking in Q3, lower than 63% in Q2 due to the impact of change in Aadhaar/eKYC norms
  • 47% of the personal loans were sourced digitally

Other notes: 

  • AI voicebot Axis Aha! has answered over 5.5 million FAQs and transacted over Rs 26 million since launch
  • Over 139,065 BMTC Smart Cards have been issued till date
  • Introduced a ‘One Raipur’ prepaid smart card for paying for services
  • Uses Ripple’s blockchain service
  • The bank enabled Samsung Pay for debit and credit cards and has registered 246,833 cards till date; Users have added 1.64 million bank accounts using @pingpay VPA

Download: Presentation

Canara Bank: 16.32 lakh mobile banking users

  • 9,004 ATMs and 182 e-lounges countrywide
  • Debit card base increased to 4.57 crore, 16.32 lakh mobile banking users, and 59.03 lakh net banking users
  • Electronic transactions increased to 80.19% from 76.22% a year ago
  • Bharat Bill Payments System and Aadhaar seeding and authentication included in the CanMobile App
  • Achieved 106% pro-rata target of 48 crore digital transactions by MeitY
  • Enrolment on Bharat QR crossed 3.2 lakh merchants
  • 70,461 merchants enrolled under BHIM Aadhaar PoS, aims to enrol 1.02 lakh merchants by March 2019
  • Over 5.2 lakh merchants enrolled across all 7 digital platforms, up from 4.18 lakh merchants in December 2017
  • RuPay: 42.63 lakh RuPay cards issued, as compared to 42.51 lakh cards in December 2017
  • Aadhaar seeding under Jan Dhan Yojana was 42.59 lakh, up from 40.44 lakh in December 2017

Download: Presentation | Release

Union Bank of India: Mobile banking users up 64.7% YoY

The Union Bank of India has 4,292 branches as of December 31, including 4 overseas branches. It operates 12,028 ATMs and 5,407 micro-ATMs, and 3,971 talking ATMs. Talking ATMs provide audible instructions for visually impaired users. It’s ATM to branch ratio stood at 2.8.

  • Mobile banking users grew 64.7% YoY, although it did not report absolute numbers. Last quarter, the bank counted 2.5 million mobile banking users.
  • Debit Cards grew 23.4% YoY
  • Number of RuPay Cards issued stood at 47.91 lakh
  • Aadhaar seeding stood at 77.16 lakh
  • The bank operates a Union Combo Card which is a both debit & credit card, and also operates RuPay qSPARC which has debit and prepaid facilities

Download: Presentation | Release

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