The State Bank of India has announced that it is looking forward to launch its mobile wallet solution dubbed ‘SBI Buddy’ within this week.
The new wallet will be available to non-SBI customers as well. As per reports, SBI has come into a partnership with various merchants to let users access the merchants’ store directly via the ‘Buddy’ app.
Notably, SBI had uploaded a document with FAQs regarding this initiative along with a web page which was subsequently pulled down.
The document was furnished with all the details regarding the features of the app. It mentioned that the app will allow users to add money via debit card, net banking or IMPS, then enable them to send the money to any contact on their phone books or on Facebook. Users will be able to track requests of money owed by them and owed to them. Additionally, the app will allow users to pay mobile/DTH bills as well as buy flight, bus and movie tickets. The bank mentions that, for now, it will not charge users for using any of the app’s features. The app will be available for Android phone running v 3.0 and above and will require a working Internet connection to function.
Further, SBI mentioned that the app will allow users to keep a maximum balance of Rs 10,000 at one time. The bank also limits the total reload amount in a month and the top up amount per transaction to Rs 10,000 per month. The daily limits on merchant transactions are at Rs 15,000 while the monthly limits are at Rs 20,000. The limit for fund transactions stand at Rs 5,000 per transaction or per day and Rs 20,000 per month.
Given the pace at which digitization is taking over sectors, divorcing from the traditional banking method and keeping up with time and trend have become a mandate for these financial institutions.
Last month, Citibank India and MasterCard launched a global digital wallet called Citi MasterPass for Citibank’s customers that would let them shop at over 250,000 eCommerce merchants located in India around the world.
Similarly, ICICI Bank in February, had introduced a new digital payments product for mobiles, that integrates a digital wallet, a physical prepaid card and a basic savings bank account. The product named Pockets is available for Android devices.
In the same month, HDFC Bank made a partnership with mobile payments company Chillr and launched a similar payments solution that would let HDFC Bank customers carry out outgoing transactions, although other bank users could only receive money.