Google announced a strategic partnership with India’s largest bank, State Bank of India (SBI), to focus on a deeper integration for SBI customers on the tech giant’s digital payments app Google Tez. With this collaboration, users will be able to create an SBI UPI ID – @oksbi – allowing them to transact via the app. Both companies are focusing towards creating curated offers and enable wider adoption of digital payments for SBI’s large customer case.
Google now claims that Tez has processed more than 250 million transactions and boasts of over 13.5 million monthly active users since it was first launched in September 2017. At launch, Google had partnered with State Bank of India, Axis Bank, HDFC Bank, and ICICI Bank but now offers services for over 70 UPI enabled banks. The app is available on both Android and iOS.
Rajnish Kumar, Chairman, SBI said, “We are committed to create 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 driveinnovation and deliver exciting new opportunities for our 40 crore plus customer base. 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 thedigitization of cash.”
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 propositionsfor users and create innovative solutions for merchants to go digital. We are still in very early stages of building a vibrant digital payments ecosystem – that brings together millions of smartphone users, small merchants, large businesses, and financialinstitutions. This is an important step forward in that journey.”