Banking giant, State Bank of India is all set to launch its mobile wallet – SBI Buddy, which will be accessible to SBI customers as well as other subscribers. The bank has tied up with several merchants, so that once the user opens the Buddy m-banking app, he/she will be able to access the merchant’s app without previously downloading it. With this, the bank will be entering into the fast-growing mobile wallet business and going to compete directly with the likes of ICICI Bank’s Pockets, HDFC Bank’s PayZapp, Airtel Money, Paytm and others.
SBI, with a 20% market share, has a customer base of 28.6 crore, of which 2.3 crore are net banking customers while 1.6 crore are mobile banking ones.
Key features of State Bank Buddy App
- Ask Money – from other State Bank Buddy users
- Send Money – to any contact in phone book or Facebook. Beneficiary need not be a user of State Bank Buddy.
- Add Money – to their wallet a/c using debit cards/net banking/IMPS credentials of their account with any Bank.
- Recharge and Pay Bills – recharge prepaid mobile/DTH and pay utility bills using the wallet application
- Market Place – Shopping, Movies, Flights, Hotels etc
- Transfer to account – Users can transfer funds from their wallet a/c to any bank a/c using IMPS-MMID or IMPS-IFSC modes.
Test Your Knowledge
Who was first chairman of State Bank of India, after its constitution under SBI Act 1955?
