State Bank of India Announces Partnership with PayPal
SBI Debit cardholders to use PayPal
The partnership will enable SBI Debit cardholders to use PayPal when buying products from overseas websites and allow SBI’s Micro Small and Medium Enterprise (MSME) customers to gain access to PayPal’s secure payment solutions. We would also collaborate on providing innovative financial solutions to the merchants who are using PayPal services.
SBI to make it easy for Indian exporters and consumers
The announcement reiterates the importance of India as a strategic market for PayPal. In addition to having a strong engineering workforce based out of India, PayPal also has a very robust and growing cross data-border business in the country. The partnership will help PayPal work closely with SBI to make it easy for Indian exporters and consumers gain access to a global audience. One of the key aspects of the partnership is the impetus that will be provided to eGovernance projects of the Government of India.
SBI has been bringing value to its customers
Shri B. Sriram, Managing Director, SBI said “SBI has been bringing value to its customers by providing them innovative financial solutions. SBI is very pleased to have this tie-up as it provides a perfect opportunity to both of us to collaborate and offer a wide gamut of customized financial solutions to merchants across the board. This would bring new opportunities for our SME customer base.”
State Bank of India (SBI)
Key highlights of the partnership include:
Helping SBI Debit Cardholders buy from global merchants using PayPal: PayPal and State Bank of India will work together to provide SBI debit cardholders additional options for international spending. The partnership will enrich customer experience and provide them safe and secure payments method through PayPal for buying goods from international merchants who offer PayPal as a payment option.Helping Indian merchants gain a global audience: PayPal and SBI will work closely to offer PayPal’s payments solutions to SBI’s MSME customers who can reach PayPal’s 165 million active accounts globally. We would also work on providing innovative financial solutions to the merchants who are using PayPal services.PayPal and SBI will also create a joint coordination committee to grow and implement this strategic partnership.