Digital transactions: SBI lost share in almost all payments modes in FY19

Digital transactions: SBI lost share in almost all payments modes in FY19

In mobile banking volumes, SBI’s FY19-end market share fell to 15.01% from 21.2% a year ago. The bank’s market share in the Real Time Gross Settlement (RTGS) channel was flat at over 13%, as compared to 13.36% at the end of FY18.

State Bank of India (SBI), country’s largest bank by assets, lost market share in almost all modes of digital transactions between 2017-18 and 2018-19, data from the bank’s latest annual report showed.

The bank’s market share in the point of sale (POS) network dropped to 15.93% at the end of FY19 from 20.2% at the end of FY18. As on March 31, 2019, SBI had a network of 5.75 lakh POS terminals, up from 13% from March 31, 2018. In terms of debit card spends, SBI’s share dropped to 29.89% at the end of March 2019 from 30.4% a year ago.

In mobile banking volumes, SBI’s FY19-end market share fell to 15.01% from 21.2% a year ago. The bank’s market share in the Real Time Gross Settlement (RTGS) channel was flat at over 13%, as compared to 13.36% at the end of FY18. The only channel where SBI showed a clear gain in market share was the National Electronics Fund Transfer (NEFT) channel, where its share inched up to 17% at the end of FY19 from 15.19% at the end of FY18.

As for the Unified Payments Interface (UPI) channel, SBI’s share in volume terms stood at 24% and in value terms at 25.4% at the end of FY19. The bank processed 129 crore transactions worth over `2.96 lakh crore during the year. Comparable figures for FY18 are unavailable....Read More>>>

Source: financialexpress

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