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State Bank of India (SBI), on Thursday, entered into a strategic partnership with digital payments company, PayPal, to facilitate cross-border trade and payments.
The service will be extended to SBI and PayPal users both in India and abroad and is targeted at small and medium enterprises (SMEs). SBI currently, has over 900,000 SME customers.
Also read: Banks tie up with e-tailers to tap digital space
According to B Sriram, Managing Director &Group Executive (National Banking), SBI, attempts are also being made to extend the services for domestic transactions.
"Currently the tie-up will be for cross-border remittances and payments. We are looking to explore the domestic payments space too in the coming days," he said after signing an MoU with PayPal.
This will be SBI's first such tie-up for remittances and payments.
According to Sriram, SBI is also looking at exploring opportunities in e-visa, e-governance, and remittances for the Clean Ganga Campaign with this tie-up.
He, however, did not give details of how volumes for such cross-border transactions will be impacted post this tie-up with PayPal.
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