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E-mail ID will not be published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

  • The current value of the rupee does not merit market intervention

    The rupee, losing 40 paise per month against the dollar since May, is expected to remain under pressure till the calendar runs out on December 31, bef

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

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture