State Bank of India (SBI) has teamed up with digital payments firm PayPal to allow its customers to use their debit cards for buying products from overseas websites.
The partnership aims to facilitate cross-border transactions and domestic payments as well as offer financial solutions to the merchants using PayPal services. It will also enable the bank’s micro small and medium enterprise (MSME) customers to access overseas markets using PayPal’s secure digital payment solutions.
Additionally, both the companies will set up a joint co-ordination committee to execute and exapand the partnership.
SBI managing director B Sriram said: "It provides a perfect opportunity to both of us to collaborate and offer a wide gamut of customized financial solutions to merchants across the board. This would bring new opportunities for our SME customer base."
PayPal managing director and country manager (India) Vikram Narayan said: "PayPal has a strong role to play in the ‘Make in India’ initiative. Collaborating with us gives SBI’s customers global access to businesses and consumers alike."
Meantime, SBI has partnered with Snapdeal to offer credit to sellers registered on the e-commerce portal at easier interest rates. The bank has also joined hands with Amazon for providing payment and commerce solutions.