SBI becomes the Top Merchant Acquiring Bank in Country

SBI becomes the Top Merchant Acquiring Bank in Country: Yes, the current largest lender State Bank of India has become the top merchant acquiring bank in India with the 2.96 lakh installed PoS (Point-of-Sale) terminals as of the second month in this 2016, February.

SBI becomes the Top Merchant Acquiring Bank in Country
SBI becomes the Top Merchant Acquiring Bank in India

Related: ATM upgrades in India by September 2017: RBI to Banks

SBI becomes the Top Merchant Acquiring Bank in Country

According to the data of the RBI, after the State bank of India, HDFC Bank placed in the second position with 2.81 lakh PoS, Axis Bank is the third position with 2.58 lakh PoS and ICICI Bank is situated in the fourth position with the 2 lakh of PoS.

State Bank of India said in a statement, “Being ‘Banker to Every Indian’, we are committed to promoting electronic payments in all parts of the country and provide strong push for achieving the goal of less-cash economy envisaged by the government.”

These four banks together contribute to more than three-fourths of the total 13.63 lakh PoS terminals deployed in the country.

Related: HDFC Bank Plans to Open 500 New Mini Branches This Financial Year

As of April 30, 2016, SBI deployed 3.07 lakh PoS terminals at more than 3,800 centres.

From the total terminals, it has installed
-44% in metros,
-30% in urban areas,
-18% in semi-urban geographies and
-8% in rural areas.

During the period of 2015-2016, almost 40% of the growth of acquiring industry in terms of number of terminals was driven by SBI alone by deploying more than 1 lakh PoS terminals. More than 30,000 of these terminals are contactless terminals.

It said, In the current financial year, the bank plans to add further one lakh PoS terminals to enhance card acceptance infrastructure particularly in tier-3 and below centers.

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