Digital payments will account for a 71.7 % share of all transactions in India by 2025, said a report by ACI Worldwide, a provider of payment solutions to enterprises. The rest (28.3%) will be by cash and cheques. The report claimed that in 2020 India was ahead of China with 25.5 bn real-time payments transactions, compared to Beijing’s 15.7 bn. In 2020, instant payments accounted for 15.6 %, electronic payments 22.9 % and cash and cheques 61.4 %, the report said.
Being India’s largest public sector bank with 58K ATMs, SBI frequently exceeds 30M transactions per day. Hence, to meet its transaction processing requirements, the bank has updated its payment switching system using ACI’s Retail Payments Solution. It enables SBI’s ATM network to acquire Visa, Mastercard, RuPay cards, as well as manage ATM/POS authorisations. Also, the solution executes bank’s complex switching needs with minimal downtime and business impact.