State Bank of India launches 'SBI Pay' app

State Bank of India launches 'SBI Pay' app
SBI Chairman Arundhati Bhattacharya and National Banking Group MD Rajnish Kumar at the launch of SBI Exclusif Wealth Services and SBI In Cube in Bengaluru, on January 14, 2016. Image Source: IANS
Written By: Tejal Yerunkar
Updated: Thu, Nov 24, 2016
02:24 pm
Mumbai , ZeeBiz WebDesk
RELATED NEWS
Demonetisation: SBI cuts bulk deposit rates by up to 1.9% Demonetisation: SBI cuts bulk deposit rates by up to 1.9%
SBI says has sufficient Rs 100 notes in ATMs, branches SBI says has sufficient Rs 100 notes in ATMs, branches
Demonetization aftermath: SBI records nearly Rs 40,000 crore cash deposits so far Demonetization aftermath: SBI records nearly Rs 40,000 crore cash deposits so far
Liquidity to stay, interest rates may fall further: SBI Liquidity to stay, interest rates may fall further: SBI

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.

ALSO READ: SBI says has sufficient Rs 100 notes in ATMs, branches

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.  

ALSO READ: Demonetisation: SBI cash deposits cross Rs 1.2 lakh crore in 7 days

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.