State Bank of India unveils new payment gateway service

State Bank of India (SBI) has launched a new payment gateway service, SBIePay, to facilitate e-commerce or m-commerce transactions.

State Bank of India (SBI) has launched a new payment gateway service, SBIePay, to facilitate e-commerce or m-commerce transactions.

The new service is claimed to have electronic connectivity with various banks, financial institutions and merchants.

In a statement, SBI stated that the SBIePay is also in the process rolling out Electronic Bill Presentment and Payment platform (EBPP) and IVRS for making payment over phones.

SBIePay seeks to be a one stop solution for processing all online payment modes and lead the payment aggregator market in the next three years.

In the recent years, the electronic payments in the country recorded a 32% growth (2008-2012).

Multiple channels of online payment industry are witnessing a rapid growth, the statement added.

Debit card and internet banking account for 45% of the transactions with 43% of transactions being processed through credit cards.