Mobile banking will overtake net banking: HDFC

People walk in and out of a HDFC bank branch File Photo: Reuters

People walk in and out of a HDFC bank branch File Photo: Reuters

HDFC Bank expects transactions using mobile devices to overtake Internet banking from the next fiscal, a top official said.

“Usage of mobiles is growing rapidly and outpacing the growth of the Internet transactions. We feel in the next year it will overtake Internet banking,” Nitin Chugh, head of digital banking, said.

Declining to share specific data on mobile adoption within the bank, he said, over 70 per cent of people access the Internet through the mobile phones at present and the same will have to reflect in its usage as well.

This April, the bank had reported 17.46 lakh mobile transactions worth over Rs. 5,686 crore, making it the market leader in the segment in value terms, while SBI is the leader by volume at Rs. 78.48 lakh.

He said the use of mobiles and the Internet combined has also been growing steadily and it accounts for 63 per cent of total transactions for the bank today.

Mr. Chugh said the same number was at 44 per cent two years ago and a low 13 per cent a decade ago.

After announcing that it has made an application to run on Apple’s recently launched Watch, the bank gave a demonstration of its software which runs on the iWatch.

The bank has developed the wearable device (watch) application only for Apple phones for now, but will also be launching similar ones to run on Android-powered watches made by brands like Samsung and Motorola shortly.

Mr. Chugh said HDFC Bank chose Apple for its user interface, design and also because a ‘good part’ of its customer base uses iPhones.

Its rival ICICI Bank also has a similar offering, but it works on both Apple and Android systems.

A customer can do 10 types of transactions using the iWatch, including viewing account information, mobile recharges, sending requests for cheque books and location-based services like viewing nearby discount offers and ATMs.

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Printable version | May 28, 2022 3:18:16 pm |