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.

  1. 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.
  2. 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.
  3. SBI is also seeking to ink similar agreement with other e-commerce players such as Snapdeal and Paypal for similar payments and commerce solutions.
  4. 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