SBI launches mobile wallet that needs no bank account

State Bank of India (SBI) on Monday launched the mobile wallet, which can be operated without a bank account to give a further fillip to its mobile payment initiatives in the country. Initially the service will be available in Delhi and Mumbai. This will offer facilities like balance enquiry, mini statement, fund transfer, mobile topups, DTH recharge, bill payments and it is network agnostic allowing customers from across the banks to register for this facility. Software provider Oxigen will give the support for the facility. Mobile wallet is a prepaid account accessible over mobile phones enabling customers to send remittance to any bank account.

SBI has the largest mobile customer base of 54.5 lakh customers accounting for 79 percent of the country’s mobile banking customers. SBI mobile banking accounts for 65 per cent of the total mobile banking transactions in the country.

For mobile wallet facility does not have KYC requirements. As per Reserve Bank of India regulations the balance in the wallet should be restricted to Rs 10,000 and a single transaction can only be Rs 5,000 with a maximum of Rs 15,000 in a month. The bank is keeping the service free of charges.

SBI launched mobile banking service State Bank Freedom as an alternate channel in March 2009.


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