SBI inks MoU with Amazon for payment, commerce solutions [ Current Affairs ]
State Bank of India (SBI) is the India’s largest public sector lender which has signed memorandum of understanding (MoU) with e-commerce giant Amazon. According to the MoU, both signatory parties seek to identify and tap the potential areas of collaboration for payments and commerce solutions.
- SBI is also looking to tap Amazon’s expertise and talent in order to connect potential buyers and sellers, along with efficient ways of sourcing raw materials for existing customers.
- State Bank of India is opening up the windows of e-commerce to its small and medium enterprise (SME) customer and it is seeking to enrich customers’ payment experience which is the largest in the country.
- SBI is also seeking to ink similar agreement with other e-commerce players such as Snapdeal and Paypal for similar payments and commerce solutions.
- While e-tailers like Amazon are set to gain even if a percentage of SBI’s SME customers after they adopt the online payment platform for their businesses.
- Published on: May 25, 2015