State Bank of India leads MeitY digital payments scorecard

Mumbai: The country’s largest lender, State Bank of India (SBI), topped the Ministry of Electronics and Information Technology (MeitY) digital payments scorecard list for 3 months consecutive. The scorecard tracks the performance of commercial banks on various digital parameters. SBI remained the # 1 issuing bank recording the highest UPI transaction volume of nearly 64 crore with a user base of 13.5 crore.

SBI processed 636 crore transactions through its digital platforms, or 67% of the bank’s total transaction volume. The bank holds nearly 25% of the market share by volume of mobile banking transactions. According to SimilarWeb, SBI’s online banking service is ranked first for online traffic in the bank credits and loans category and is used by more than 8.5 crore customers.

SBI’s flagship digital and lifestyle platform YONO has also promoted digital lending seamlessly. YONO has given digital credit a boost with over 10 lakh personal loans amounting to 15,996 crores disbursed in April-December 2020.

SBI is also the world’s largest debit card issuer. Over 29 crore of debit cards are used by SBI customers, with a 30% market share in card spending and a 29% share in transaction volume. The Bank has also made steady progress in increasing the infrastructure for accepting payments. Over 31 lakh merchant touchpoints are now activated in different payment methods including – BHIM UPI QR, Bharat QR, BHIM – Aadhaar and POS. Almost 51% of these payment acceptance points are located in rural and semi-urban areas, in line with the government’s goal of expanding the footprint of traders in remote areas of the country.

SBIePay bank’s payment aggregation service – the first and only bank-owned payment aggregation platform, addresses the emerging digital payment needs of large public sector merchants – central government. Departments, autonomous bodies, state government. companies, etc. and also serves private sector companies.

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