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SBI Cards, Google collaborate to make card payments using Google Pay

Capital Market 

SBI Card users can make payments via Google Pay through Tap & Pay, Bharat QR, & Online payments.

SBI Card, India's largest pure-play credit card issuer, on Monday announced its collaboration with Google to enable cardholders to use their SBI Credit Cards on the Google Pay platform. SBI Credit Card users will now be able to make card payments using Google Pay app on their Android smartphones. Cardholders can make safe and secure payments using Google Pay in three modes-via Tap and Pay at NFC enabled PoS terminals, by scanning Bharat QR code at the merchant as well as online payments, without using the physical credit card.

Commenting on the partnership, Ashwini Kumar Tewari, MD & CEO, SBI Card said, "At SBI Card, we continuously endeavor to push the boundaries of innovation to make life simpler and better for our consumers. The collaboration with Google Pay is another positive step in this direction. Our association with Google Pay, one of the leading providers in payments space, will enable us to offer safe, convenient digital payment solutions to a vast user base. As smartphone penetration in India soars, credit cards have also changed form to reside securely on the mobile phone and our partnership with Google opens up a new, secure and seamless payment route for our customers using smartphones."

The announcement was made during market hours yesterday, 21 September 2020. Shares of SBI Cards and Payment Services fell 3.15% to Rs 818.45 on Monday amid broader selling pressure.

The stock is currently down 0.61% at Rs 813.45. It has soared 64.25% from its 52-week low of Rs 495.25 hit on 22 May 2020.

SBI Cards and Payment Services' net profit rose 13.8% to Rs 393.29 crore in Q1 June 2020 compared with Rs 345.60 crore in Q1 June 2019. Total income fell 4.7% year-on-year (YoY) to Rs 2,195.60 crore during the quarter.

SBI Cards and Payment Services is a non-banking financial company (NBFC) that offer extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel and banking partnerships cards along with corporate cards covering all major cardholders' segments in terms of income profile and lifestyle.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, September 22 2020. 12:29 IST