Mobile wallets are useful because online shopping and recharging are easier with them. When users install an app like PayTM or Mobikwik, they must transfer some amount from their bank account to pay for the transaction. Modern mobile wallet apps are secure, and millions of people use them on a daily basis. These apps are useful because you don’t have to enter your credit or debit card details everytime you make an online payment.
Mobiwiki and PayTM offer discounts on using their apps. Isn’t this another good reason to use their mobile wallet system. PayTM is the most popular wallet app in India.
A few months back, the company behind this app had raised 500 million dollars for further expansion which proves that wallet business can be profitable. SBI, one of the largest banks in India is eyeing on this business.
Yesterday, State Bank published the official page for its first mobile wallet, i.e., the bank buddy app. According to this official listing, the State Bank Buddy supports IMPS, i.e., immediate payment service. It is compatible with debit and credit cards of all the major banks in India. It will support regional languages.
This app helps in transferring money from one SBI wallet to the other. Bank buddy will allow you to book flights, bus, hotels, and movie tickets. It helps in recharging of handsets and set-top boxes (DTH accounts). You can also pay bills online with this application.
Bank Buddy will be available for Android 3.0 devices that are activated with GPRS, EDGE, 4G or 3G internet connections. iPhone and IOS users will have to wait for some time as SBI has not yet published its wallet app on the Itunes store.
This application will include robust security system, and it will maintain a list of all users transactions.
It will have some transaction limits. i.e., you can spend max 20000 per month. You can add max 10K Rs to the SBI wallet app. State bank has already announced up to 50% cashback offer for booking hotels and flights through this app.
State Bank Buddy will attract a lot of PayTM users that have an SBI account. It will be available in the Google play store soon very soon.