The State Bank of India will apparently launch its mobile wallet – SBI Buddy – as early as tomorrow, going head to head against ICICI Bank’s Pocket app, HDFC Bank’s PayZapp and Paytm.
Mobile payments is one of the fastest growing sectors in India and SBI being the largest lender in the country, does have an edge over the rest. Using the app, users will also be able to avoid having to download individual seller apps.
SBI Buddy will have products listed from thousands of merchant sites across the travel, hotel, entertainment and fashion space. Further, the app will be accessible by both existing customers as well as non-customers of SBI Bank.
SBI has a customer base of 28.6 crore out of which just 2.3 crore are net banking customers and 1.6 crore mobile banking customers. The overall number of mobile wallet users in India is already expected to be close to 10 crore.
Increasingly banks are looking to launch their own mobile wallets in order to compete with third-party payment solutions such as Paytm which are exempt from 2-factor authentication for payments.
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