SBI signs payment pact with Amazon

State Bank of India on Wednesday signed a Memorandum of Understanding (MoU) with e-commerce player Amazon to develop payment and commerce solutions for customers and small businesses. “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. The idea of the MoU is that we can try and give customers a good experience in both buying and selling,” SBI Chairman Arundhati Bhattacharya told reporters here on Wednesday.

She said 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. 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.” The SBI, country’s largest lender, will also provide loans to SME customers who supply products to Amazon.