SBI Launch Payment Gateway SBIePay

SBI Launch Payment Gateway SBIePay, which will facilitate e-commerce or m-commerce transactions among merchants, customers and various financial institutions for all kinds of payments with electronic connectivity.

In last few year rate of growth of electronic payment is 32% approx. In 2008 electronic transection volume was Rs. 15400 Crore and in 2012  it statds Rs. 47,3oo crore.

SBI is the first bank in India to start its own online aggregator services. The new service will go a long way in providing payment facilities to a large number of customers performing online transactions, the Bank said in a release.

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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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