Largest Mobile Wallet Blocked by India’s Public Bank, Promotes its Own
What happens when the country’s biggest bank, state-owned, and its largest mobile wallet firm, privately-owned and backed by Chinese investors, cannot co-exist?
Over the last one week, customers using the State Bank of India’s (SBI) internet banking system have been disallowed from transferring money to their Paytm wallets.
State Bank Buddy, the app recommended by SBI — had notched up 5 million downloads on Google Play Store.
There was no public announcement made regarding this decision. Surprisingly, it got revealed when a Twitter user complained of not being able to refill his Paytm wallet via an SBI account.
The bank’s official handle responded then :
@theavinashrao "Add money" to PayTM using SBI Internet banking has been disabled by bank. We recommend using State Bank Buddy mobile(1/2)
— State Bank of India (@TheOfficialSBI) December 24, 2016