SBI Enters Digital Payments Space with ‘SBI Buddy’ Launch

21-aug

The global internet usage is set for an aggressive growth in the coming years. The majority of developments will be happening in the field of mobile and digital payments. Our mobiles and wallets will pave a way for every technical solution. A revolution is on the cards.

The mobile wallet business and the digital payment sector in India is set to witness a lot of innovations in the coming months. Leading from the front is India’s largest lender, State Bank of India (SBI). According to the latest reports, SBI has officially entered the digital payments market with the introduction of ‘SBI Buddy’ mobile application. Close on the heels of the announcement that SBI will be strengthening their digital foray in the years to come, the bank has already made its first move. SBI Buddy was launched in collaboration with Accenture and MasterCard. In a ceremony attended by well-lit luminaries and distinguished dignitaries, the app was launched by the Finance Minister Arun Jaitley. Amongst the other dignitaries in attendance were Jayant Sinha & Hasmukh Adhia, Minister of State for Finance and Secretary of the Department of Financial Services respectively.

Speaking about the initiative at the launch, SBI Chairwoman Arundhati Bhattacharya said, “This is one more step in our ambition of becoming the provider-of-choice for customers’ everyday needs, both financial and non-financial. Mobile is going to be at the center of this transformation and this application will help us strengthen our proposition through this medium.” The move is a part of the bank’s vision and mission to be a bank for the digital India. SBI has been striving hard to focus on the reduction of bad loan levels via the usage of technology platforms in order to enhance the reach of the bank. Paytm and MobiKwik have been ruling the roost of the mobile wallet business so far. Recently, HDFC Bank and ICICI Bank also launched Payzapp & Pockets respectively to challenge their industry bigwigs. Payzapp is a one-click payment and purchase solution, wherein Pockets is a wallet model. Coming back to SBI Buddy. It is a mobile wallet app that can be used to send money to new and registered customers. Other than money remittance purposes, SBI Buddy, can also be used to book tickets for flights, movies, hotels and much more. It also facilitates the purpose of scheduling bill payments, recharge dates, dues settlement, shopping and much more.

Along with the unveiling of SBI Buddy, Finance Minister Arun Jaitley also unveiled the logo and the website of SBI Foundation. Huzaifa Khorakiwala, Executive Director & trustee of Wockhardt Foundation was also felicitated for his exemplary work in the area of sanitation and construction of toilets.

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“Thinking Aloud” reflects the emerging trends and varied outlook of the rapidly evolving internet and communication sector. An IAMAI publication, this is a part of the market education initiative of the association.


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