The State Bank of India (SBI) is one of the most popular and largest banks in India, providing financial and banking services to citizens for decades together. It operates in India and other countries as well. The bank is known for offering advanced banking services and products. The State Bank of India is after all a Fortune 100 company, and is leading in agricultural banking, rural banking, NRI banking, personal banking, SME banking, and corporate banking.
It has its own SBI Pay application, which can be downloaded on smartphones to organize all bank accounts you have in your name. The app utilizes elements of the Unique Payment Interface (UPI). The UPI is a payment platform that is mobile-based, and issued by the NPCI (National Payments Corporation of India). You can successfully add your SBI account on the app with SBI IFSC code. Or you can even add account of another bank using IFSC or virtual address, on the app.
Benefits and Features of SBI Pay App
Here is a look at the advantages and features of the SBI Pay smartphone-application.
- This app can be used to make fund collections and fund transfers via a unique identifier (virtual payment address or VPA). You can do these transactions 365 days at any hour of the day.
- It can help facilitate payments through mobile and web interfaces. You can make peer-to-peer transactions. The same feature for merchants will come soon.
- You do not have to know the IFSC code of the beneficiary’s account number, but their VPA is enough to add them as a payee.
- VPA ID follows the pattern uniqueid@sbi., where ‘uniqueid, is the unique name opted by you. Authentication can be completed within a click.
- The app has an active help topic section and can answer your query there itself.
- It is possible to use more than 1 UPI application on your smartphone for various bank accounts. The same VPA can work for multiple bank accounts.
What Do You Need to Operate SBI Pay?
Here a look at the requirements to meet for using the SBI Pay application.
- The app is not yet released for IOS Thus, you need an Android smartphone that has internet connection.
- To add a bank account on the app, you need an active account already with any bank partnered with UPI.
- You will also require IFSC or virtual address and account number to transact through the app.
- You may even begin paying with Mobile Money Identifier, mobile number, or Aadhar in sometime.
- You will require a valid mobile number that is registered with the bank account you wish to add to the app.
- You should have a debit card related to the bank account to make your Account MPIN. The MPIN has to be entered on the app for every transaction to be made.
How to Use the SBI Pay App?
Here is a look at the steps to follow to use the SBI Pay:
- Firstly, you need to download the SBI Pay App from the App Store on your smartphone.
- Now after download, complete the registration process. Once you do so, you will get a confirmation text message.
- Click ‘YES’ thereafter on the app. It is time to enter relevant details as asked, such as first name, virtual address, last name, and email ID.
- For security purpose, you have to pick a security question and answer, along with the bank name.
- Tap ‘Next’ to receive the details for completing the registration procedure. Now, choose the required bank account, click on register.
To transfer or collect money without hassles, you should definitely use SBI Pay. All this happens without you having to pay any additional fees, even if the account added is not of State Bank of India. You can opt for this facility and enjoy a simple and modern banking experience, on-the-move.