Digital transactions in banking sector going up: SBI

SBI says it has waived merchant discount rate on Master and Visa debit cards with immediate effect up to 31 December


SBI is installing 3,600 PoS machines at various toll plazas so people can use cards instead of cash at the tolls. Photo: Pradeep Gaur/Mint
SBI is installing 3,600 PoS machines at various toll plazas so people can use cards instead of cash at the tolls. Photo: Pradeep Gaur/Mint

Coimbatore: Point of Sale (PoS) transactions in State Bank of India surged 300% in numbers and 200% by value, indicating that digital transactions have really gone up, SBI chairperson Arundhati Bhattacharya said.

“Digital transactions have really gone up in the sense that if you look at my PoS transactions, it is 300% up in numbers and 200% by value,” Bhattacharya told reporters in response to a query on increase in cashless transactions in SBI.

“If you take a look at the wallet, the wallet download is hugely up. In fact, we have never seen so many wallet downloads, which itself is more than 100%. “Typical transaction levels have surged and we are seeing a huge demand. A lot of people are coming to us for PoS machines,” she said. For instance, the Bombay Doctor’s Association had on Wednesday requested the bank for 650 PoS machines for use in doctors’ chambers, she pointed out.

Also Read: SBI waives transaction charges on Master, Visa debit cards

Similarly, a lot of corporates were asking for Impress Cards for low value payment to many of their contract workers, even for people like drivers who were given cash to tank up cars. They can be given Impress cards as there was a lot of demand for cards and PoS machines, Bhattacharya said.

SBI is installing 3,600 PoS machines at various toll plazas so people can use cards instead of cash at the tolls, she said, adding there was a lot of activity currently going on for installing PoS machines and issuance of cards.

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