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Amid the surge in e-commerce transactions and online payments, big banks are tying up with e-commerce firms to tap the digital space.
State Bank of India has partnered with global e-commerce firm Amazon to develop payment and commerce solutions for small and medium business enterprises. Similarly, private lender HDFC Bank has formed a three-year partnership with Snapdeal to launch a co-branded credit card, targeting buyers in smaller towns and cities.
“India is just at the beginning of the e-commerce revolution. A lot of youngsters now prefer to shop online and the touch and feel of the product is not as important,” said SBI Chairman Arundhati Bhattacharya.
“We have a great opportunity to work to transform how India shops and sells…Our customers and SME players will be able to utilise this platform not just to sell products but also to source products,” she added
SBI also plans to partner with other companies such as Snapdeal and Flipkart. With such tie-ups, India’s largest bank aims to reach out to its 25 crore customers and push the usage of the online platform towards tier-2 to tier-6 cities. Such tie-ups can also add to the bank’s fee income and help it acquire more customers.
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