State Bank of India has launched a payment intermediary christened as ‘SBIePay’, which will facilitate e-commerce or m-commerce transactions among merchants, customers and various financial institutions for all kinds of payments with electronic connectivity.India’s largest lender is the first bank in India to start its own online aggregator services. The new service will go a long way in providing payment facilities to a large number of customers performing online transactions, the bank said in a release.
During the last couple of years electronic payments in India have grown at a rate of around 32% (2008-2012) i.e., from INR 15,400 crores to 47,349 crores. SBIePay is also in the process rolling out Electronic Bill Presentment and Payment platform (EBPP) and IVRS for making payment over phones. Apart from online travel industry, E-tailing is gathering substantial momentum. The share of the multiple channels of online payment industry is also moving rapidly.
Though debit card and internet banking (direct account debit) together form around 45% of the transactions, 43% of transactions are still processed through credit cards. Cash on Delivery (COD) comprises around 40-60 % of transactions within e-Tailing. IVRS market mainly consists of teleshopping network, travel and Insurance segments.