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SBI leads mobile banking chart with 38 per cent market share

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Registering over 1.5 crore mobile transactions in December, State Bank of India (SBI) continued to be the leader in terms of mobile banking transactions, having been at the top since April 2015, RBI data revealed.

FE Bureau

State Bank of India State Bank was followed by ICICI Bank, which registered a total of around 70 lakh transactions. Axis Bank has reported over 60 lakh transactions. (Reuters)

Registering over 1.5 crore mobile transactions in December, State Bank of India (SBI) continued to be the leader in terms of mobile banking transactions, having been at the top since April 2015, RBI data revealed.

These transactions, constituting around 38% of all mobile banking transactions in the country, were collectively worth over Rs 17.6 crore, the data showed.

The bank said that it now holds a market share of 36% in terms of the total value of these transactions.

“Till a few months back, SBI customers were doing mostly low to medium value fund transfer and m-Commerce transactions on mobile. However, with the launch of the dedicated user friendly mobile apps for non-retail customers, the average transaction size has shot up more than 5 times,” chairman Arundhati Bhattacharya said in a statement.

The chairman was referring to the two mobile applications launched by SBI last year – StateBankAnywhere – SARAL (for small and medium sized firms) and StateBankAnywhere – Corporate (for corporate clients). StateBankAnywhere – SARAL operates on a single aurthorised user basis while the corporate offering can be used by multiple users and has features like direct payment to the Employee Provident Fund Organization or to registered suppliers.

As a result, these applications have increased the number of high-value transactions through the mobile platform.

State Bank was followed by ICICI Bank, which registered a total of around 70 lakh transactions. Axis Bank has reported over 60 lakh transactions.

HDFC Bank was fourth on the list with slightly under 40 lakh transactions, while Kotak Mahindra Bank stood at the fifth positions with approximately 17 lakh transactions.

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