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SBI Launches New Mobile Wallet State Bank Buddy

The mobile wallets can be seen everywhere now – irrespective of the industry, be it Telecom Industry or Financial Institution. This is one sign of fast growing economy. The State Bank of India, India’s largest bank owned by the state is now introducing personal mobile wallet also called State Bank Buddy as per a report.

The mobile wallet will directly give tough competition to leading banking applications like Paytm, Airtel Money, HDFC Bank’s PayZapp and ICICI Bank’s pockets. This application is expected to be launched soon although its launch was expected to take place much before. But it is significant to note that this application is for Android users only for start. The SBI website doesn’t mention of iOS version at present.

This application is however not restricted to SBI Users only which means that any individual can download and use this app. The user just needs to go through entire sign up process and enter PIN that they had entered while the sign up process. Here are some attributes of SBI Mobile Wallet:

  1. Send Money – You can send money to any Facebook or phone book contact. The beneficiary might not be a SBI buddy
  2. Addition of Money – You can add money to your wallet using IMPS or net banking credentials or debit cards of any bank
  3. Pay bills or recharge – You can now recharge the DTH or pre-paid mobile and pay other utility bills using this State Bank Buddy.
  4. Ask Money – From other state bank buddy users
  5. Transfer to Account – The users can transfer their funds to another bank account using the bank wallet account using net banking or IMPC mode.
  6. Market place – Pay bills at hotels, book your flight or shop for movie or clothes etc with SBI Mobile Wallet.

This application has some other prominent features like close or block wallet, change security questions, change PIN, historical transactions etc. Enjoy banking in different mode now.


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