State Bank of India (SBI) is the one of the largest bank in India having more than 200 million customer base and 5.2 million users who are using the mobile banking customers. Now they had finally launched their own UPI (Unified Payment Interface) based app called ‘SBI Pay’.
SBI has become the 18th Bank of India to have their UPI application for the payments and shopping, and there are 30 banks accepting UPI-based payments.
After the announcement from Narendra Modi regarding the currency ban two weeks earlier, analysts were expecting the SBI’s UPI application to be launched as soon as possible. They considered that cashless push would become the major objective during the demonetization and it might be better if it has launched the app earlier. Currently, in India, One-fourth of all the bank customers are from India are on SBI’s Platform.
Already other banks like HDFC Bank, Axis Bank, ICICI Bank, and 15 other banks has launched their UPI application.
Chairman of SBI, Arundhati Bhattacharya says, “With the current demonetization 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,”
NPCI (National Payments Council of India) is yet to come up with the details of the UPI app for iOS platform because SBI hasn’t launched the iOS version of the application. Currently, they had released only for the Android Platform which is available on the Google Play Store.
NPCI is targeting to take up the number of transactions to one million by the March of next year. Currently, the registered users are two million per month, and they want to go up now to three million within a month.
Using the UPI, the customer can transfer money to another person through the unique virtual address, (It is nothing but aliases to the bank account and allowing the customer’s account mapped uniquely), mobile number or Aadhar number. With this the customer doesn’t require the Bank accounts details and IFCS code which makes the process much simpler than before.
UPI is built based on the existing Immediate Payment Service, or IMPS; this will make you the real-time transfer of money 24×7 which is irrespective of the bank. With the release on this new UPI powered SBI Pay app also allows the non-SBI users to can also register.