In what seems like an acknowledgement of potential that e-commerce holds for India, country’s largest commercial bank, State Bank of India, has launched its very own payment gateway- SBI ePay. This makes SBI the first Indian bank to launch a payment gateway.
SBI ePay will facilitate payments for government services and also for individual merchants. Currently SBI ePay offers payment options like net banking, credit card, debit card and mobile banking. It is also in the process rolling out an electronic bill presentment and payment platform (EBPP) and IVRS phone payment.
A senior official with the bank’s payment services vertical told The Economic Times, "We will be bringing in new merchant categories with a special focus on government merchants such as, central, state departments and municipal corporations." He added that the payment gateway service will come with a dashboard site which will provide analytics for banks and merchants to help them boost their business.
With its new service SBI is all set to bite into the market share of incumbents like PayU, CC Avenue, Citrus, Times of Money and others.
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