MeitY Digital Payment Scorecard- Highlights

The Ministry of Electronics & Information Technology (MeitY) has released the list of “Digital Payment Scorecard”. In the list, the State Bank of India (SBI) has topped for the third consecutive months.

Highlights

The digital payment scorecard tracks the performance of the Commercial Banks on several digital parameters. SBI maintained the top remitter bank by recording highest UPI transaction volume which accounted for nearly Rupees 640 million. SBI has also emerged as the largest issuer of debit cards. It issued over 290 million debit cards with a 30% market share with respect to card spends and 29% share with respect to transaction volume. Bank has also made steady progress with respect to increasing payment acceptance infrastructure.

SBI’s Transaction

SBI has processed the 6.36 billion transactions on its digital platforms which accounts for 67% of the total transaction volume of the bank. The bank accounts for around 25% market share by the transaction volume of its mobile banking. As per the SimilarWeb, the internet banking service of the SBI “onlinesbi.sbi” was ranked first in terms of online traffic in the category of banking credit and lending.

YONO Platform

The flagship digital payment platform YONO has also boosted the contributed to the digital lending presence. The platform has provided a boost to the digital lending by providing numerous personal loans which accounts to rupee 159.96 billion. This amount was disbursed during the financial year 2020-2021 in April- December 2020.

SBIePay

The Payment Aggregator service of the bank called “SBIePay” also caters to the emerging digital payment needs of big merchants in public sector- Central government departments, state government departments, Autonomous Bodies. It also serves the private sector enterprises.

Month: Current Affairs - March, 2021