SBI Launches Its Own Payment Aggregator Service SBIePay

State Bank of India (SBI) has launched its own iteration of Online Payment Aggregator Service.

Christened SBIePay, the service is meant for e-commerce or m-commerce transactions among merchants (B2B), customers (B2C) and various financial institutions (P2P) for all kinds of payments with electronic connectivity. Interestingly this is the first Payment Aggregation Service offered by any Bank in India. This service will aide in providing payment facilities to a large number of customers performing online transactions said the bank in a statement.

Apart from the same, SBI is also planning to roll out Electronic Bill Presentment and Payment (EBPP) platform which will manage Bill Payments with alerts and automated payouts as per limits set by the customers. Apart from this, the bank even has Interactive Voice Response System (IVRS) based payment platform too, which will offer the convenience of making payments over a phone call.

Why is SBI interested in such platforms? Online Payment Processing segment is getting increasingly competitive. Not only are eCommerce companies themselves coming up with their own Payment Processing platforms, but are now willing to offer the same to other companies too. If that’s not all, there are companies like PayU, Citrus, CCAvenue and many others who are primarily in the same business.

But for a Bank to offer an Payment Aggregation Service will certainly hold higher regard, especially when it comes from the largest Public Sector Bank in India. However, these companies may have little to fear from SBI’s offering. This is because the Bank appears to be targeting payments related to Central, State Departments and Municipal Corporations. SBI will certainly aim to get large customers and focus more on Business to Business (B2B) and Peer to Peer (P2P) transactions. What do you think?

Source | Economic Times

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