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SBI Launches Mobile Wallet App ‘Buddy’, collaboration - Accenture & Mastercard.

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The State Bank of India (SBI), the country’s largest lender, on Tuesday entered the mobile wallet business with the launch of SBI Buddy mobile application, in a move to strengthen its digital initiatives in collaboration with Accenture and Mastercard.
The service will be available to existing as well as non-SBI customers.
The app was launched by Finance Minister Arun Jaitley along with Jayant Sinha, Minister of State for Finance and Hasmukh Adhia, Secretary, Department of Financial Services.


This initiative, SBI chairman Arundhati Bhattacharya, said was part of the bank’s move to become “the banker to digital India”. "This is one more step in our ambition of becoming the provider-of-choice for customers' everyday needs, both financial and non-financial. Mobile is going to be at the centre of this transformation and this application will help us strengthen our proposition through this medium," she told the gathering in Mumbai, where Finance Minister Arun Jaitley launched the application.

SBI Buddy, launched in collaboration with Accenture and MasterCard, comes with features like sending money to registered and new users, reminders to settle dues, transferring additional cash into an account of one’s choice, recharging and paying utility bills instantly, booking movie and flight tickets, besides online shopping and hotel bookings. 

 Several of India’s private banks such as HDFC Bank and ICICI Bank have launched mobile payment solutions. In June, HDFC Bank launched Payzapp, a one-click payment and purchase solution for its debit and credit card holders. It has also launched Chillr, a third party app platform that enables users to transfer money to anybody in their phone book contacts. ICICI Bank has launched ‘Pockets’, a wallet model aimed to take on industry rivals Paytm and MobiKwik. 
SBI has a 20 percent market share, a customer base of 28.6 crore, of which 2.3 crore are net banking customers and 1.2 crore are mobile banking customers. 


The mobile wallet app can be used to send money to new and registered customers, book for movies, flights, hotels as well as for shopping.
It also has features like reminders to settle dues, recharge and pay bills instantly. The app is available on Google Play Store, at present, and soon will be launched on Apple App Store.

State Bank of India also launched SBI Foundation, which will be the implementing agency for corporate social responsibility (CSR) activities of the lender.
The Finance Minister unveiled the logo and website of SBI Foundation. The foundation will promote, encourage, develop causes related to education, environment, women empowerment, children welfare and manage all the CSR activities of the SBI Group.
Now banking can be done using apps !!
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