For the first time a state run bank State bank of India is starting up the facility of payment gateway. SBI is setting up its payment gateway – SBI ePay. SBI ePay basically is an online aggregator service. In order to facilitate its customers with easier access in making payments SBI has come up with this facility.
Through this facility merchants and customers will be able to make payments through online banking, mobile banking, and credit cards. SBIePay is also in the process rolling out an electronic bill presentment and payment platform (EBPP) and IVRS phone payment. This facility will also the merchants and with the facility to access all the business related information regarding all the transactions.
This facility will also avail payment facilities to the large number of online banking users. SBI ePay is planning to work up with 40 more banks in order to process their Internet banking transactions