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State Bank of India has registered a surge in digital transactions, consequent to the withdrawal of old ₹1,000 and ₹500 currency from circulation.
The bank’s Chairman 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 up in value terms.
“Wallet downloads are huge. In fact, we have never seen this many wallet downloads. The downloads alone is 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 for 650 PoS for use in doctor's chamber. Corporates are asking for Impress Card for low value payment to their contract workers, even say for people like drivers (who were earlier given cash to fill petrol). The demand for Impress cards and PoS machines is swelling.”
Notwithstanding the demand, the bank plans to install 3,600 PoS machines at various toll plazas so people can use cards to pay the toll fee.
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