RBL Bank vs HDFC Bank vs SBI vs Axis Bank vs ICICI Bank: Banks in rush to serve customers vis PoS

Digital Payment in India: RBL Bank, HDFC Bank, State Bank of India, Axis Bank and ICICI Bank emerged as top 5 merchant acquiring banks to deploy POS terminals in 2019, a report revealed. Also, the number of POS or Point of Sale terminals deployed by merchant acquiring banks increased to 4.98 mn in December 2019 from 3.59 million in December 2018 according to 'India Digital Payment Report' published by Worldline India. This was an on-year rise by 39%, the report said.

POS Terminals deployed by merchant acquiring banks

1. RBL Bank - 27%
2. HDFC Bank - 16%
3. State Bank of India (SBI) - 13%
4. Axis Bank - 10%
5. ICICI Bank - 9%
6. Others - 25%

The Reserve Bank of India (RBI) in its sixth Bi-monthly Monetary Policy recently allowed Regional Rural Banks (RRBs) to act as merchants acquiring banks using Aadhaar Pay – BHIM app and POS terminals, like other commercial banks.

This move may encourage RRBs to leverage their reach, especially in tier III and below to bring more merchants in digital payments arena in 2020, the report says.

The report further says that India recorded a combined transaction volume of over 20 trillion and combined value of over INR 54 trillion from new retail payment products like debit cards, credit cards, Immediate Payment Services (IMPS) and Unified Payments Interface (UPI), in 2019.

Indian consumers are gradually moving to digital payment modes, the report says adding that there was an on-year increase in adoption of traditional as well as new retail payment products including debit cards, credit cards, IMPS and UPI.

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This annual report takes a look and provides insights on Indian digital transactions in 2019 as well as insights on transactions that were processed in our network. In addition, it also looks at how asset-lite products will transform digital payments in 2020.