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SBI's mobile wallet Buddy: All you need to know

The State Bank of India on 18 August launched Buddy - a mobile wallet in 13 languages. Simply put, a mobile wallet is a semi-closed prepaid wallet which you can use to transfer money to other wallet users and bank accounts.

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Arundhati Bhattacharya, chairperson, State Bank of India, says, "Mobile is going to be at the centre of the transformation and SBI will help us strengthened our proposition through this medium."

The wallet has been launched with Accenture as technology partner and MasterCard as service providers. While every second bank seem, to launch some or the other offering these day, here's all you need to know about it.

What it is: As a name suggest it's a mobile wallet application which you need to install on your smart phone. To be eligible to download the app, you need to be an Indian national, have a valid mobile number and above the age of 10 years. You can register to the app, via Facebook or Sign up for the app via your mobile number, PIN or password.

Finer details: One you have registered on the app, you get option to add money online via your net banking, debit card or IMPS via your mobile number. Keep in mind, since this is a pre-paid wallet, you will need to fund the wallet before using it. You, can be used irrespective of the bank or card you use. You can send money via this app to a registered and new user as well. Buddy allows you to set reminders to settle dues, transfer cash into an account of your choice via this app, to name a few. This wallet can also help you to recharge and pay your bills like DTH connection, electricity and gas instantly. The app allows you to even book movie tickets, flights, hotels as well as shop.

The service is free of cost and you get to view a mini-statement of last transaction you have made on your mobile wallet. You can download the app via Google Play Store and will be soon available via Apple App Store.


Updated Date: Aug 19, 2015 14:10 PM

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