State Bank of India (SBI) has finally launched its own UPI (Unified Payment Interface) based app: SBI Pay.
SBI Pay is a payment solution not only for SBI account holders, but for customers of all banks who are part of the UPI, to send and receive money from their smartphones with a virtual payment address acting as a unique identifier. No additional details are required to use the app other than the virtual payment address.
SBI has thus became 18th bank from India to have their own UPI app for payments and shopping; whereas there are 30 banks which are accepting UPI based payments.
After PM Modi announced currency ban two weeks earlier, analysts were expecting SBI’s UPI app to be launched as soon as possible. Considering that cashless push is a major objective for demonetization, SBI should have launched their app earlier. One-fourth of all bank customers from India are on SBI’s platform right now.
State Bank of India (SBI) is India’s largest bank having a customer base of 200 million and 5.2 million mobile banking customers.
UPI is a payment system that allows money transfer between any two bank accounts by using a smartphone. UPI allows a customer to pay directly from a bank account to different merchants, both online and offline, without the hassle of typing credit card details, IFSC code, or net banking/wallet passwords.
The per transaction limit is Rs 1 lakh. It is safe as the customers only share a virtual address and provide no other sensitive information.