Smart Mobile Phones have made a paradigm shift in our working and social behaviour. India’s smart phone density is growing rapidly and customers – no matter what age group – are getting up to speed in adopting Mobile Phone functionalities to connect with their banks much more comprehensively than before.
At SBI, we are focused on placing the power of mobile banking in the hands of our customers to enhance their convenience and build strong relationship while reducing costs and strengthening our brand. Launched in March 2014, our “State Bank Anywhere” app for smart phones became an instant hit. Today, the Bank is the market leader in mobile banking services in india with 1.35 crore users and a market share of 46% (Source: RBI) in terms of number of transactions.
As we move towards an increasingly cashless society, our dependence on all kinds of payment cards will continue to increase, whether we shop locally for grocery or travel the world for leisure or business. SBI recognised this trend early and took necessary steps to be at the forefront in establishing a robust ecosystem for processing payment cards. Today, it has the largest comprehensive electronic infrastructure in the country to enable payment through cards. With more than 2 lakh terminal deployed in the market, we are amongst the top four transaction acquirers in India with the largest number of merchant relationships amongst the Public Sector Banks.
When it comes to issuing cards to our customers, SBI Group, through its joint venture SBICPSL, is the 3rd largest Credit Card issuing company with a base of 31 lakhs users and an 11% market share (Source: RBI) in terms of spends. When it comes to debit cards, SBI alone has a base of more than 21 crores users. The power of mobile banking and Cards, together, are potent and indispensable tools for independence and convenience for our customers.
