SBI launches ‘SBIePay’ online aggregator service

14 Mar 2014 Evaluate

State Bank of India has launched ‘SBIePay’ an online aggregator service at the Corporate Centre in  Mumbai to facilitate e-Commerce/ m-Commerce transactions between merchants, customers and various financial institutions for all kinds of payments. The service (domain name: https:// sbiepay. com) will provide payment facilities to a large number of customers for undertaking online transactions.

SBIePay is also planning to roll out Electronic Bill Presentment and Payment platform (EBPP) and IVRS for making payment over phones. SBIePay will bring in additional payment modes, new merchant categories, with a special focus on Government merchants i.e., Central, State Departments and Municipal Corpor. SBIePay will leverage the Bank’s own Payment Gateway to process all credit/debit card transactions and the internet banking platform of the State Bank Group. SBIePay is already in the process of tying up with more than 40 banks in order to process their Internet Banking payments.

The bank reported 34.20% fall in its net profit at Rs 2234.34 crore for third quarter ended December 31, 2013 as compared to Rs 3396.06 crore for the same quarter in the previous year. However, total income of the bank increased by 14.91% at Rs 39060.76 crore for quarter under review as compared to Rs 33992.11 crore for the quarter ended December 31, 2012.

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