State Bank of India has registered a huge surge in digital transactions consequent to the withdrawal of the Rs 1,000 and old Rs 500 currency from circulation.
The bank's Chairperson, Arundhati Bhattacharya, said there was a 300 per cent jump in its PoS (Point of Sale) transactions and this is estimated to be 200 per cent higher in value terms.
“Wallet downloads are huge. In fact, we have never seen this many wallet downloads. The downloads alone are over a 100 per cent,” she said on the sidelines of SBI's Community Service Banking event that took place at the bank's administrative office in Coimbatore.
Typical transaction levels have gone up and there is a huge demand for PoS machines, she said, adding “the Bombay Doctor's Association has requested 650 PoS for use in the doctor's chamber. Corporates are asking for an Imprest Card for low-value payments to their contract workers, even say for people like drivers (who were earlier given cash to fill petrol). The demand for Imprest cards and PoS machines is swelling.”
Notwithstanding the demand, the bank is planning to install 3,600 PoS machines at various toll plazas so people can use cards instead of cash to pay the toll fee. “The work has been taken up on a war-footing – both towards issuance of cards and installation of PoS machines,” she said.