SBI to shut down mobile wallet SBI Buddy; nil accounts already being closed

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Updated: October 26, 2018 7:00:05 PM

SBI Buddy was launched in August 2015 in 13 languages with MasterCard as service providers and Accenture as a technology partner.

SBI Buddy was launched in August 2015 in 13 languages with MasterCard as service providers and Accenture as a technology partner.SBI Buddy was launched in August 2015 in 13 languages with MasterCard as service providers and Accenture as a technology partner. (Image: Reuters)

The State Bank of India (SBI) has begun shutting down its mobile wallet SBI Buddy. In a communication to its customers, India’s leading lenders said that it has decided to continue the wallet. The accounts with nil balance are already being shut down, while it is not clear how and when accounts with balance will be closed. SBI will shut down SBI Buddy on November 30, the official website has notified.

SBI Buddy was launched in August 2015 in 13 languages with MasterCard as service providers and Accenture as a technology partner. At year-end in 2017, SBI had 12.505 million registered wallet users. While SBI Buddy is being shut down, the leading bank has launched an integrated digital banking platform — SBI Yono.

SBI launched SBI YONO across the country with the aim to “offer next-generation banking services to India’s growing mobile phone and tech-savvy customer base”. It recently signed a pact with Mukesh Ambani’s Reliance Jio to increase consumer engagement.

“YONO’s digital banking features and solutions will be enabled through the MyJio platform for a
seamless, integrated and superior customer experience. MyJio, one of India’s largest over-the-top (OTT) mobile applications will now bring in financial services capabilities of SBI and Jio Payments Bank,” Jio and SBI had said in a joint statement in August.

 

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