SBI is in news for its first ever initiative of a pre-paid mobile wallet in India. It will be competing with ICICI Bank’s Pocket and HDFC bank’s Pay Zapp and PayTM. This will be a triggering moment for country’s largest lender to enter the fastest growing mobile wallet business. As the consumers look for a one click option to pay all their bills and receive relief from the long queues they were made to wait in, the option is expected to attract clients very soon. As you need to sign in at various portals for the login and payments, the pre-paid mobile wallet would help right from your payment of bills to your shopping.
SBI launched State bank of India ‘Mob cash easy’, a mobile wallet which facilities bill payment, fund transfer, balance inquiry, mini statement, mobile top ups and DTH recharge. It is a pre-paid account accessible over mobile phones, wherein the customers are able to send remittances to any bank account and transfer funds to other wallets issued by SBI. Withdrawal of amount is not a feature yet.
SBI tied up with a private service provider Oxigen for 24/7 service providing and money transfer. The service will initially be launched in Delhi and Mumbai. It will be available in wallet application and plain text SMS. Other banks like Yes bank and Axis Bank are also looking to launch this option, considering the gaining online shopping and prolific growth of the same amongst youth.