State Bank of India (SBI) become the first bank in India to have it’s own payment aggregator service. Arundhati Bhattacharya, Chairperson of State Bank of India, on March 13, 2014 launched its online electronic payments aggregator service – ‘SBIePay’ – at its corporate centre in Mumbai.
The payment intermediary, which would act as an aggregator to facilitate payments to multiple merchants from different bank accounts, would make SBI the first lender in the country to have a payment aggregator of its own in a space dominated by private players like Billdesk and CCAvenues.
Existing players have targeted specific merchant categories and created their own niche segments, but SBI’s service called ‘SBIePay’ plans to target newer spaces, especially government merchants like central, state departments and municipal corporations
Between 2008 and 2012, electronic payments grew at 32 per cent per annum and have touched Rs 47,349 crore, and added that online travel bookings as well as online retail sales are the two major segments.
At present, debit card and Internet banking form around 45 per cent of transactions, while 43 per cent come from credit cards.