SBI chairperson Arundhati Bhattacharya with Amazon India vice-president and country manager Amit Agarwal in Mumbai on Wednesday. (PTI)
State Bank of India (SBI) signed a memorandum of understanding (MoU) with e-commerce giant Amazon on Wednesday to develop trusted, frictionless payments and commerce solutions for customers and small businesses, capitalising on the exponential growth in internet penetration to drive the adoption of ecommerce and m-commerce in India.
"Amazon is a very large company in the digital commerce space. We have a very large group of customers who could benefit by getting connected with this platform," SBI chairperson Arundhati Bhattacharya told the reporters. "The bank is working on ways to enrich customers' payment experience and opening up the windows of e-commerce to its SME customers through this tie-up", she added.
The bank may also look at selling its financial products on Amazon in near future, she said, without giving further details. She said the bank is open for similar kinds of tie-ups with other e-commerce players.
Amazon India Vice President and Country Manager Amit Agarwal said, "In SBI, we have a fantastic partner whom customers and businesses trust through long-standing relationships, sometimes over generations. Moreover, SBI shares Amazon's philosophy of building customer trust and investing for the long term. We have a great opportunity to work together to transform how India shops and sells."
..... Devashree Goenka