State Bank of India, which is India’s largest bank has launched it’s own payment gateway which will help merchants, customers and various government departments use the internet to facilitate electronic transactions.
Named as SBIePay, this is for the first time that an Indian bank has launched such a broad spectrum of online aggregator services, targeting financial transactions and electronic payments.
Any ecommerce vendor can implement this payment gateway to accept payments by credit card, debit card, net banking and mobile banking. Besides these, SBI has also said that they will integrate EBPP and IVRS into this payment gateway system to make the process easier.
EBPP or Electronic Bill Payment Platform enables a merchant to generate the bill and receive payments online while IVRS or Interactive Voice Response System can help vendors to receive payments via interactive phone based payment system.
The SBIePay payment gateway will be equipped with a dashboard so that the vendor can checkout analytics and traffic related data for better tracking and measurement of their business.
Besides ecommerce players and small business owners, this new payment gateway service aims to target government institutions as well, so that citizens can easily make their payments online.
While launching this service, State Bank of India (SBI) chairperson Arundhati Bhattacharya said, “SBIepay aspires to bring in additional payment modes, new merchant categories, with a special focus on government merchants like central, state departments and municipal corporations,”
As of now, online payment space in India has been dominated by players such as CCAvenue and BillDesk. Introduction of this payment gateway by a government bank stands to disrupt the industry.
In the last four years, electronic payments in India has grown around 32%; Rs 15400 crore was electronically transferred in 2008 in India which increased to Rs 47349 crore in 2012.
Online travel industry and ecommerce portals are the biggest beneficiary of online payments as of now, but the scope is expanding to other verticals as well. As of now, 45% of all electronic transactions are carried over by using Debit cards and Internet Banking facility while 43% is done by using credit cards. Cash on Delivery constitutes 40-60% of ecommerce sales as of now.
Do you believe that this new payment gateway service by SBI can change the equations in Indian ecommerce industry?
Will companies like CCAvenues and BillDesk lose their steam in India? Do share your views…
I have already tested and deployed SBIEpay, Support is OK the Gateway is still in its starting phase with very less merchants but do have a good potential.
Rates are competitive and if you have numbers you will win.
SBIePAy would definately change the E-Comm scenario in India. People who were planning to start their e-comm business would definitely give SBIePay a try