Kolkata: State Bank of India on Thursday entered into two collaborations—one with digital payments company PayPal and another with e-commerce firm Snapdeal—to augment business by leveraging digital channels.
The tie-up with PayPal—a division of the eBay Inc. of the US—was aimed at providing hassle-free banking services to India’s exporters and importers, said B. Sriram, managing director and group executive (national banking) at State Bank of India.
PayPal’s digital payment solutions will allow the bank’s small and medium enterprise customers to access overseas markets and also enable SBI’s debit card holders to buy products online from abroad, he said.
The product will also help non-resident Indians remit money easily to the government’s social projects such as the clean Ganga movement, he said.
The collaboration will help give impetus to the ‘Make in India’ initiative by enabling global transactions, said Vikram Narayan, managing director and country manager (India), PayPal.
Following a tie-up with Amazon.com the previous day, SBI entered into a similar agreement with Snapdeal.com on Thursday for financing the sellers on the e-commerce platform.
