SBI Ties Up With Amazon to Develop Payment Solutions for Customers

The State Bank of India (SBI) has tied hands with Amazon to develop payment solutions for customers and small businesses.

“…Our partnership with eCommerce platforms like Amazon would give a fillip to e-commerce in India and brings lots of value to our retail and SME customers,” said SBI chairman Arundhati Bhattacharya. Further adding, she said, “the bank is working on ways to enrich customers’ payment experience and opening up the windows of eCommerce to its SME customers.”

The bank signed a memorandum of understanding with the eCommerce company Amazon. The bank is also planning to sign similar agreements with other eCommerce players such as Snapdeal etc., as reported by ET.

“Facilitating SMEs to do their business will also help secure their loan repayments to us,” said Sunil Srivastava, deputy managing director (corporate strategy and new businesses), SBI.

SBI plans to help mobilise business for its SME clients with this partnership. The bank also aims to drive an awareness campaign for people who are still not comfortable with online shopping. SBI aims at getting retail customers to shop online  increasingly. “The bank will determine how to reduce cash-on-delivery transactions on e-commerce portals, ” Arundhati Bhattacharya said.

The bank has also signed a strategic partnership with digital payments company Paypal. The deal aims to promote cross border trade and facilitate payments for SBI and PayPal users both in India and abroad. The partnership will enable SBI Debit cardholders to use PayPal when buying products from overseas websites and allow SBI’s Micro Small and Medium Enterprise (MSME) customers to gain access to PayPal’s secure payment solutions.

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