State Bank of India (SBI), the nation’s premier banking institution, has issued a timely advisory for its vast customer base. The bank has flagged potential hiccups in its Unified Payments Interface (UPI) services, attributing the intermittent issues to ongoing technological upgrades.
What Happened? This announcement made public via a social media post dated October 14, carried an apology for any inconvenience and assured customers of timely updates.
UPI, a revolutionary digital payment method introduced in 2016, has witnessed exponential growth. From a modest 151 million transactions in January 2018, UPI transactions soared to a staggering 9.3 billion by June 2023.
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This surge, as highlighted by a Worldline report, is largely due to the rise in P2M (Person-to-Merchant) transactions. UPI’s user-friendly interface, akin to sending a text or scanning a QR code, has been a game-changer in the digital payment landscape.
Meanwhile, as India’s top-tier bank, SBI boasts impressive metrics, including 117 million internet banking and 64 million mobile banking users. Embracing the digital wave, 63% of new SBI savings accounts in FY23 were initiated via their digital platform, YONO. This platform, with over 6.36 crore users, recorded an average of 1 crore daily logins in Q1 FY24. Furthermore, SBI’s digital lending via YONO saw disbursements of pre-approved personal loans amounting to ₹5,428 crore.
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