SBI has launched “SBIePay” a payment intermediary, which will connect various banks/ financial institutions and merchants, e-Commerce transactions
State Bank of India has launched “SBIePay” a payment intermediary, which will have electronic connectivity with various Banks/ financial institutions and merchants, thus facilitating e-Commerce/ m-Commerce transactions between merchants, customers and various financial institutions for all kinds of payments. 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.
Existing payment aggregators viz. IndiaIdeas (BillDesk), CCAvenues, TechProcess Solutions, Times of Money Ltd., E-Billing Solutions (EBS), Atom Technologies, and new aggregators like PayU, Citrus, Emvantage have targeted specific merchant categories and have created their own niche segments for online payments.
As a bank and a payment aggregator, SBIePay aspires to bring in additional payment modes, new merchant categories, with a special focus on government merchants i.e., central, state departments and municipal corporations. SBIePay would leverage the Bank’s own payment gateway to process all credit/debit card transactions and the internet banking platform of the State Bank Group. SBIePay is already in the process of tying up with more than 40 banks in order to process their Internet Banking payments.
SBIePay will provide the business information and analytics to the merchants and banks for all transactions as an add-on feature. SBIePay aims to be the one stop solution for processing all online payment modes and become a dominant player in the payment aggregator space in the next three years.
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