buddy wallet cmn

State Bank of India (SBI) has tied up with IRCTC and Aditya Birla Group to allow customers to make payments using the bank’s mobile wallet SBI Buddy. Apart from this, the lender is also extending its wallet services to more than 2,500 educational institutions, government entities, ministries and departments, and other govt-owned public services.

After IRCTC, SBI will enable mobile wallet payments at government owned public services. State run transport corporations and cab/auto operators in India will also be able pay through the wallet later.

Apart from this, SBI Buddy has tied up with brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England to enable mobile payments across its 1200+ stores in the country. The service will also be expanded at more branded retail outlets through SBI’s PoS devices, and other smaller merchants who “either do not have a payment infrastructure or are into home delivery of goods and services,” it added.

The bank had unveiled its wallet service in August last year by tying up with various merchants to let users access the merchants’ store directly via the app. The wallet was also made available to non-SBI customers as well. The app allows users to add money via debit card, net baking, or IMPS transfer, and transfer money to contacts saved on phone books or on Facebook.

Note that, the app allows users to keep a maximum balance of Rs 10,000 at one time. Total reload amount in a month, and the top up amount per transaction has also been limited to Rs 10,000 per month. More on that here.

Partnership with CCAvenue: In May, the wallet had signed up with payment gateway aggregator CCAvenue. Merchants transacting through CCAvenue gateway can tap into the 2.7 million customer base of the wallet. SBI also has access to over 1 lakh merchants registered on CCAvenue through the tie up. Note that CCAvenue had signed a similar deal with FreeCharge in March.

Fees for wallet-to-account transfers

SBI started levying a fee on customers who use their SBI Buddy wallets to make transfers to bank accounts. According to a circular issued by the bank, it will charge users a 3% service charge, along with service tax for wallet-to-account transactions using IMPS, starting June 1st, 2016.

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