Customers of State Bank of India now will have the privilege to access their SBI debit cards for purchasing products online from foreign websites via PayPal.
The move comes as a part of the partnership between an Indian multinational and an American worldwide online payments firm, PayPal.
This deal will likewise empower SBI’s Micro Small and Medium Enterprise (MSME) customers an ability to access PayPal’s secure payment solutions to keep their information secure, reducing the risk of online fraud.
“We would also collaborate on providing innovative financial solutions to merchants who are using PayPal services,” SBI said in a statement.
State Bank of India managing director B Sriram said the MoU with PayPal will be for cross-border transactions, and it will likewise consider matter related to domestic payments in future. It will likewise investigate opportunities in e-governance areas as well.
“It provides a perfect opportunity to both of us to collaborate and offer a wide gamut of customized financial solutions to merchants across the board. This would bring new opportunities for our SME customer base,” said B Sriram.
Country manager of PayPal Vikram Narayan said the organization was working in 203 countries and handles 11.5 million online PayPal transactions every day.
“PayPal has a strong role to play in the ‘Make in India’ initiative. Collaborating with us gives SBI’s customers global access to businesses and consumers alike,” added Vikram Narayan.
Recently, SBI also signed a MoU with Amazon India to create installment and business solutions for customers and small businesses.