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.

manjuab@mydigitalfc.com

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • For those who are left to survive a war-torn world, let there be peace

    The hunger games have begun, and they have started reaping our children. There is no way around it.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Shifting sands in the Far East

As was to be expected, Japanese prime minister Shinzo Abe ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Bubbles Sabharwal

Why self-esteem must be your best friend forever

Two negatives do make a positive! Imagine no doubts, no ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture