SBI Buddy has tied up with brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England to enable mobile payments across its 1200+ stores in the country. ICICI Bank has 44 lakh registrations for its Pockets app at the end of the June quarter. Paytm is leading in terms of wallet users with 125 mn, followed by MobiKwik with 32 mn and FreeCharge with 30 mn.

This would make the state-owned lender a global-sized bank. SBI had last month mooted the proposal for merger of its five subsidiary banks with itself and acquisition of the newly set up Bharatiya Mahila Bank. SBI has five associate lenders-State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad.

This is due to the rising online frauds. Many scammers load Rs 10,000, the limit for non-KYC wallets, into wallets and then immediately transfer the amount into another bank account. The wallet players need to meet a few conditions for the bank to open the feature again. One of them is that there needs to be a buffer when a wallet transfers money to a bank account.

It now has more than 3 lakh machines. SBI has acquired 302,119 merchants while HDFC Bank came in second with 283,274. Axis Bank came third with 263,951 while ICICI Bank came in fourth with 200,759 machines. This data does not include SBI’s associate banks. In December 2015, HDFC Bank’s POS terminal count stood at 280,262 while SBI’s POS terminals stood at 270,307.

The agency also said the opposition to the merger by the employee unions also poses a considerable risk that potential synergies of the merger may not materialize. Six banks comprising five associate banks, namely State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore, plus Bharatiya Mahila Bank Limited have proposed their merger with SBI.