Axis Bank records 5-fold increase in digital transactions in H1FY16

Conducts Rs 22,000 cr worth of transactions in the period

Axis Bank, India's third largest private sector bank, has recorded a five-fold growth in digital transaction in the first six months of financial year 2015-16.

“With 16 million strong retail customer base, the bank has conducted Rs 22,000 crore worth of transactions in the first 6 months of the FY16 through its mobile platform," Rajiv Anand, Group Executive and Head of Retail Banking, said here today.

The figure was Rs 4,200 crore during the corresponding period last fiscal thereby reflecting a strong preference shift towards digital banking, he added.

Anand said 47% of financial transactions by individual customers during the period have been through digital channels as compared to 41% during corresponding period of the last financial year. "The bank further expects more than 20% rise in the transactions through the digital banking platform during FY16,” he added.

The top eight cities across the country had been the pioneering in the digital transaction. The growth in the Axis Bank has been better though the sector has been registering satisfactory response in the digital transaction, Anand said, adding that once the smart phones price come down, the digital transaction through mobile platform would record further growth in the country.

Talking about Axis Bank's tie-up with Tata-Singapore Airlines joint venture airline Vistara to launch three travel credit cards next year under a strategic partnership, Anand said they were excited with the deal. "However, there is no plan to expand the service to other domestic airliners," he added.