SBI launches mobile wallet 'Mobicash Easy'

It will offer services such as balance enquiry, mini statement, funds transfer, mobile top-ups, DTH recharge & bill payment

State Bank of India (SBI) today launched 'Mobicash Easy', a mobile wallet in Mumbai and Delhi with service offerings like funds transfer and bill payment among others.

"We have launched mobile wallet service in Mumbai and Delhi which will offer services like balance enquiry, mini statement, funds transfer, mobile top-ups, DTH recharge, bill payment among others. We will roll out this service in other centres in near future," Deputy Managing Director (Corporate Strategy and New Business), R K Saraf told reporters here.

SBI launched mobile banking service 'State Bank Freedom' in 2009 and has around 54 lakh users as of now with about 10,000 users adding per day.

Following the success of its first product in this space, the bank has now launched 'Mobicash Easy'.

"We see significant opportunities in the mobile banking space, which will emerge as a major business line going ahead," Saraf said, adding that transactions through this route stood at around Rs 1,000 crore from April 2012 till date.

He also said the bank would soon launch a KYC (know your customer) enabled mobile wallet service with higher transaction limits.

Referring to growth in mobile banking customers, Saraf said the number of customers using mobile banking could go up from 54 lakh now to around one crore in the next one year.

The bank said it would target migrant labourers and youth to use the wallet service.

Referring to the direct cash transfer, the bank said that it was ready to implement government's ambitious scheme from tomorrow.