SBI tops MeitY Digital Payment Scorecard for third consecutive month
By Leandra Monteiro
According to the list released by the Ministry of Electronics & Information Technology’s (MeitY), State Bank of India has topped the Digital Payment Scorecard for 3 consecutive months. The scorecard tracks Commercial Banks’ performance on various digital parameters. SBI remained the top remitter bank by recording the highest UPI transaction volume of nearly INR 640 million.
SBI processed 6.36 billion transactions through its digital platforms which is 67% of the bank’s total transaction volume. The bank commands almost 25% market share by transaction volume of mobile banking. According to SimilarWeb, SBI’s internet banking service – onlinesbi.sbi is ranked first in terms of online traffic in the banking credit and lending category.
SBI’s flagship digital payment platform YONO has also furthered contributed to its digital lending presence. YONO has provided an impetus to digital lending through numerous personal loans amounting to INR 159.96 billion being disbursed during the FY (Apr- Dec’2020).
SBI is also among the largest issuers of debit cards. Over 290 million debit cards are used by SBI customers, with a 30% market share in card spends and 29% share in transaction volume. The bank has made steady progress in increasing payment acceptance infrastructure as well. Several merchant touchpoints have been enabled across different payment modes which include – BHIM UPI QR, Bharat QR, BHIM – Aadhaar and POS. Nearly 51% of these payment acceptance points are located in rural and semi-urban geographies, in line with government’s objective to expand merchant footprint in far-flung areas of the country.
SBI’s Payment Aggregator service SBIePay – a payment aggregator platform owned by the Bank, caters to the emerging digital payment needs of large merchants in the public sector- Central Govt. Departments, Autonomous Bodies, State Govt. undertakings etc. and serves the private sector enterprises as well.
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