SBI Launches New Mobile Wallet, State Bank Buddy
Mobile Wallets are everywhere – Every large financial Institution & Telecom Operators are foraying into this fast growing space. Now, India’s largest state owned bank State Bank of India is launching it’s own mobile wallet called State Bank Buddy according to a ET report.
The State Bank Buddy Mobile wallet is expected to launch on Tuesday. It will directly compete with the likes of ICICI Bank’s Pockets, HDFC Bank’s PayZapp, Airtel Money, Paytm and others.
Interestingly, SBI Website had earlier put up details about the State Bank Buddy, but seems to have pulled down later. We looked at Google cache of the pages and found further details of the soon-to-be-launched mobile wallet.
The State Bank Buddy seems to be Android only app – there is no mention of iOS version is there on SBI website. Also, State Bank Buddy is not limited only to SBI users, any user can download and use it. The user will just need to go through the sign-up process on the mobile app. Every time user uses the app they will need to enter PIN, which they have entered during the sign-up process.
Here are some of the key features of State Bank Buddy App.
- Ask Money – from other State Bank Buddy users
- Send Money – to any contact in phone book or Facebook. Beneficiary need not be a user of State Bank Buddy.
- Add Money – to their wallet a/c using debit cards/net banking/IMPS credentials of their account with any Bank.
- Recharge and Pay Bills – recharge prepaid mobile/DTH and pay utility bills using the wallet application
- Market Place – Shopping, Movies, Flights, Hotels etc
- Transfer to a/c – Users can transfer funds from their wallet a/c to any bank a/c using IMPS-MMID or IMPS-IFSC modes.
The app also has other supplementary features like Account details, historical transactions, change PIN, change security questions, Close/ Block wallet etc.
The app will allow users to add money via debit card, net banking or IMPS. Once they have added money to the wallet, they can carry out various transactions, including sending money to any of their contacts on their phone or a Facebook friend.
SBI Buddy has transaction limits similar to other mobile wallets available in India. The maximum balance you can have in mobile wallet is Rs. 10,000. The daily limit for transactions is Rs. 15,000 and monthly limit is Rs. 20,000. For Funds transfer, per transaction limit is set at Rs. 5,000, daily limit is Rs. 5,000 and monthly limit is Rs. 20,000.
The app is completely free and there are no charges on any kind of transactions on State Bank Buddy.