SBI Integrated On Google's Mobile Payments Platform Tez

Google has launched integration of State Bank of India (SBI) on its digital payments mobile app Tez. Announcing a "deeper integration", SBI and Google said in a joint statement that the initiative will enable Tez users to create SBI UPI IDs. Through the SBI UPI ID (@oksbi), the users will get access to exclusive offers for SBI customers, the statement noted. SBI and Google's Tez will focus on driving adoption of digital payments and growing the digital payments ecosystem, it added.

Google and SBI, the statement added, will focus on "building unique propositions for users and merchants including specially curated offers".

Commenting on the development, SBI chairman Rajnish Kumar said: "We are committed to creating an enabling environment to promote digital payments for more Indians. We already have a multitude of services including e-commerce and m-commerce, and this partnership with Google Tez will drive innovation and deliver exciting new opportunities for our 40 crore plus customer base."

Digital payments platform Tez was launched in September 2017. Since its launch, Tez has processed over 250 million transactions and has over 13.5 million monthly active users across India. Tez is built on Unified Payments Interface (UPI), a system that powers multiple bank accounts into a single mobile application (of any participating bank).

Diana Layfield, vice president, head of finance & commerce products, Next Billion Users, said: "We are very excited about the growth of Tez and our partnership with State Bank of India. We're delighted to be working closely together to build unique propositions for users and create innovative solutions for merchants to go digital."

"Our shared commitment to excellence in customer service and bringing simple and secure payments for all will boost adoption of UPI and is a significant step forward in the digitization of cash," the SBI chief added.

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SBI is the largest commercial bank in the country in terms of assets, deposits, profits, branches, customers and employees. SBI has the largest network of 22,584 branches in India and ATM network of nearly 59,000 ATMs.

SBI has 2.84 crore mobile banking users and 4.57 crore internet banking customers.