The largest Indian Bank – State Bank of India (SBI) – has launched a payment aggregator service to facilitate electronic transactions between merchants, consumers and various financial institutions in the country. The new service dubbed SBIePay will provide payment facilities to a large number of customers for undertaking online transactions.
- The domain has been registered as “https://sbiepay.com”. State Bank of India is the first Bank in India to start its own online aggregator services.
- As a bank and payment aggregator, SBIePay will bring in additional payment modes, new merchant categories.
- It will have a special focus on Government merchants i.e., Central, State Departments and Municipal Corporations, according to the bank.
- SBIePay will utilize the Bank’s own Payment Gateway to process all credit & debit card transactions as well as their internet banking platform.
- SBIePay is already in the process of collaborating with over 40 banks in order to process their Internet Banking payments.
- It will provide business information and analytics to the merchants and banks for all transactions as an add-on feature, says the bank.
Chairman of State Bank of India, Arundhati Bhattacharya, launched SBIePay at the Corporate Centre in Mumbai. SBIePay will also roll out Electronic Bill Presentment and Payment platform (EBPP) and IVRS for making payment over phones, in the near future.
Some of the existing aggregators in India include CCAvenues, IndiaIdeas (BillDesk), TechProcess Solutions, E-Billing Solutions (EBS), Times of Money Ltd., Atom Technologies, and new aggregators such as Citrus, PayU and Emvantage. These have targeted certain specific categories of merchants.