Largest lending institution of the country State Bank of India lately rolled out e-payment gateway SBI e-pay. SBI e-pay is an e-payment gateway that will electronically connect various banks and financial institutions with the merchants.
In order to bring up all the Public sector to use this payment gateway for making internet banking as well as credit and debit card transactions SBI has targeted govt. agencies and municipal corporations. It is expected that this will help in bringing down the cost.
SBI official stated that for each transaction customer is required to pay convenience fee as in case on online ticket booking, but once services to govt. agencies will come up the services will become much cheaper. For SBI ePay, a customer will have the option of opting for silver, gold and platinum services depending on the kind of services they require. The aim of this initiative is to lower the cost so that customer needs to pay fewer amounts in comparison to other gateways like Billdesk and CC Avenue.