March 15, 2014
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.
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.