New Delhi: State Bank of India (SBI) on Thursday announced the launch of SBI Pay, its United Payment Interface (UPI) app.
SBI Pay is a payment solution not only for SBI account holders, but for customers of all banks who are part of the UPI, to send and receive money from their smartphones with a virtual payment address acting as a unique identifier. No additional details are required to use the app other than the virtual payment address. Additional features like merchant payments and enhanced transaction limits are expected to be added later.
“With the current demonetisation drive of the government and the push towards digital or 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,” said Arundhati Bhattacharya, chairman of SBI.
The app is available for Android users. The iOS version will be rolled out as and when the National Payments Corporation of India (NPCI) comes out with specifications for the iOS platform.
NPCI is the umbrella organisation for all retail payments systems in India. It launched the UPI on 25 August to enable real-time sending and receiving money through a mobile application. The interface is the advanced version of IMPS, a 24x7 funds transfer service.
With the SBI and HDFC Bank also going live on UPI, there are currently a total of 30 banks which have UPI-enabled mobile apps on Google Play Store.
“This coming together of all major banks on UPI is a major boost to bank-based digital payments. In current times of cash crunch, UPI can be a major boon to enable even the smallest merchant to receive digital payments,” said Rahul Gochhwal, co-founder of Trupay, a financial app.
Trupay supports UPI transactions for all banks and helps merchants receive and make all kinds of financial transactions on UPI by using a single app.