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SBI, Amdocs, Triotech, BSNL to provide mobile financial services to the unbanked

SBI LogoAmadocs and Triotech have partnered with State Bank of India (SBI), the country’s largest lender, to provide mobile financial services to India’s unbanked population and the service will be running on BSNL’s networks.

The solution will be provided under a five-year services contract and it includes money transfers, bill payment and airtime recharges. The solution will also allow SBI and BSNL to support an extended ecosystem of multiple merchants and business correspondents (credit card companies, utility providers, employers) on the mobile network, enabling easy payment and top-up transfers to third parties.

India-based Triotech will own the overall project management, including developing the end customer and retail application and portal, retail channel management and Tier 1 and 2 services.

Amadocs will also provide consulting, implementation, systems integration, software and hardware operation, and maintenance for SBI.

The latest move by SBI shows that the bank is looking to push financial inclusion by leveraging mobile technologies. The government launched its ambitious financial inclusion scheme Jan Dhan Yojana and revised the target for banks to open 10 crore basic savings accounts by January 26 next year and Business Standard reports that 8.76 crore accounts have been opened as on December 16. An earlier Business Line report said that out of 7.64 crore accounts opened, public sector banks had opened  6.15 crore accounts. The report added the total deposits mobilised under the 7.64 crore accounts stood at Rs. 6,015 crore. Of the 7.64 crore accounts, as many as 5.74 crore accounts were with ‘zero-balance’.

Earlier in June, SBI selected Bangalore-based Ezetap to provide 500,000 point of sale (PoS) terminals in the next 5 years and in October launched ‘Chota ATM’, a solution that can double as an ATM device as well as a PoS terminal that can accept payments from any debit and credit card. SBI has also sought permission from the Reserve Bank of India (RBI) to launch contact-less NFC debit cards, which would enable customers to carry out transactions of up to Rs 2000 without entering the ATM pin number at point-of-sale (PoS) terminals,

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In 2012, Amdocs launched a Cloud-Based Mobile Payments Solution called Amdocs Mobile Payments. The solution will enable mobile operators to scale their mobile payments businesses for both prepaid and postpaid customers in a quick and secure manner. Consumers can then opt to charge their purchases directly to their mobile phone bill, prepaid balance or mobile wallet.

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© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ