Bhattacharya said that with a 34% market share of all mobile banking transactions, the bank is already a market leader and Buddy will provide further incentives for cashless transactions. While online payments have already been enabled in the app, the bank on Friday extended usage of the app to ‘in location’ or within stores. For starters, Madura F&L’s Louis Philippe, Van Heusen, Allen Solly and Peter England outlets across the country will accept wallet payments. In the next phase, 3.45 lakh shops which have SBI’s credit card swipe machines will accept payments from SBI Buddy.”We are looking at integrating Buddy with the bank’s ATMs and CDMs by September,” said Manju Agarwal, deputy MD, corporate strategy and new business. She said that this will be enabled for wallet customers who have done KYC with the bank. But the KYC process itself would be simplified by using the Aadhaar database. SBI has over 41,000 ATMs across the country.
“With an increasing base of customers and multiple merchant use cases, SBI has set its vision for Buddy to become the payment instrument of choice for its customers, merchants, educational institutions and government departments,” Bhattacharya said.