State Bank of India launches 'SBI Pay' app
With an aim to support the government's ongoing move to shift Indians to cashless payments system, State Bank of India (SBI) launched an 'SBI Pay' app on Wednesday.
“With the current demonetisation drive of the government and the push towards Digital/Cashless payments, 'SBI Pay' is expected to be a game changer in the digital payment ecosystem as the bank has the largest customer base in the country,” SBI chairman Arundhati Bhattacharya, said in a press release on Thursday.
The 'SBI Pay' is an unified payment interface (UPI) app of the bank and is a payment solution not only for SBI account holders, but for all banks who are part of UPI, the release said.
Through 'SBI Pay' app people can send and receive money from their smart phones with a virtual payment address acting as unique identifier. Moreover, users do not need to provide any additional details other than the virtual payment address while using the app.
The 'SBI Pay' app is presently available on Android platform.