SBI Expands e-Banking To Mobile Wallet Via ‘Mobicash Easy’

by Paul Joseph on January 1, 2013 · 0 comments

After experimenting with basic banking services via ‘ State Bank Freedom ’, State Bank of India ( SBI ) is augmenting the service with e-Wallet features. Christened ‘Mobicash Easy’, the service will be initially deployed in Delhi & Mumbai before a nation-wide rollout at a later stage. There are multiple e-wallet services in existence today. While Airtel seems to have spent a lot on advertising & promoting its e-wallet ‘Airtel Money’, banks like HDFC  have similar offerings & that too in regional languages . E-Wallets can be considered the next evolutionary step of banking as mobiles are now more aggressively used as compared to desktops. Additionally, these miniature devices, thanks to their smart Operating Systems (OS) can be fortified with applications. These ‘Apps’ have been growing in number & features for quite some time. Despite some security flaws , overall, mobiles have brought banking to newer regions. This is precisely the intention behind ‘Mobicash Easy’ as SBI operates in nearly all tier III & even IV towns & villages. If managed & deployed correctly, such endeavors could easily bring about a dramatic change in the way rural population transacts. Launched in 2009, SBI’s earlier attempt garnered significant response from 54 Lakh users so far. Interestingly, this older version is still adding 10,000 users per day. If Mobicash Easy can replicate the success of its predecessor, it would mean the Banking sector of India is accepting mobile banking as an everyday means of transaction. The bank confirmed that it would target migrant laborers and youth to use the wallet service. Additionally, the bank also proudly claims that it can deploy the ‘Direct cash Transfer’ as soon as tomorrow if the Government gives the nod. Since April, over Rs. 1000 Crores (US$ 180 Million) worth of Transactions have taken place via the Mobile Banking & e-Wallet platform. The Bank is confident of enhancing the same by extending withdrawal limits , but first, will have to complete KYC (Know Your Customer) norms. Given the Bank’s reach within the core & remote regions of India, completing these would take significant time. What do you think? Image Courtesy |  myoxigen Looking For A Social Media Agency?? – Contact WATConsult – India’s Leading Social Media Agency

[via – Web, Advertising and Technology Blog in India]

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