The State Bank of India has unveiled a mobile wallet, “Mobicash Easy,” for customers in Mumbai and Delhi. The mobile wallet will comprise of services like funds transfer, bill payment, balance inquiry, mini statement, mobile top-ups and DTH recharge, among others.
The Mobicash Easy service will be available over the wallet application and plain text SMS. The bank, in association with private service provider Oxigen, will offer round-the-clock money transfer and other services.
Mobicash Easy is a pre-paid account, which can be accessed using mobile phones. The service can be used by customers to send remittances to any bank account and transfer funds to other wallets issued by SBI. Currently, the service does not offer cash withdrawal service. The customer is also not obliged to complete the KYC or know your customer procedures.
In 2009, SBI had unveiled a mobile banking service, “State Bank Freedom.” Currently, the service is being availed by nearly 5.4 million users, and around 10,000 new users being added to the list each day. The bank decided to unveil Mobicash Easy following the resounding success of its maiden product offering in the mobile banking arena.
R K Saraf, deputy managing director for Corporate Strategy and New Business at SBI, said, "We see significant opportunities in the mobile banking space, which will emerge as a major business line going ahead."
According to Saraf, the bank has been able to transact nearly $182,807 million from April 2012 till date via this route. The bank will be introducing a KYC facilitated mobile wallet service in the future offering higher transaction restrictions.
Saraf believes that customers using mobile banking are on the rise. The number of customers is expected to cross the 10 million mark in the next year. SBI has unveiled the wallet services especially for migrant laborers and youth. The bank is also all set to implement the government’s motivated direct cash transfer scheme.
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Edited by Rachel Ramsey