back Back

SBI tops MeitY Digital Payment Scorecard for third consecutive month

By Leandra Monteiro

March 09, 2021

  • India
  • Sbi

SBI, State Bank of India, MeitY, Ministry of Electronics & Information Technology, digital, YONO 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 – 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.

Previous Article

March 09, 2021

Worldline achieves Mastercard Enhanced Contactless (ECOS) certification

Read More
Next Article

March 09, 2021

Mastercard expands Engage platform to accelerate deployment of digital first solutions

Read More

IBSi Daily News Analysis


February 23, 2024


Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 23, 2024

Vencora acquires CREALOGIX to expand its banking technology services

Read More

February 23, 2024

Axway to buy most of Sopra Banking Software activities for €330m

Read More

February 22, 2024

Kani Payments taps Pismo for data reconciliation and reporting

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023