India’s largest public sector bank State Bank of India (SBI) started its own payment gateway SBIePay. According to Economic Times, SBI is the first bank in India to start its own payment aggregator serviceswhich provides electronic connectivity with various Banks and financial institutions on the one hand and merchants on the other, thus facilitating e-Commerce/m-Commerce transactions between merchants, customers and various financial institutions for all kinds of payments. The SBIePay Service is developed using the latest cutting edge technology and tools. The infrastructure supports unified, secure access to SBIePay services.Here is a comprehensivecomparison of different payment gateways in India.

State Bank of India is India’s largest bank with a network of over 15000 branches and 5 Associate Banks located even in the remotest parts of India. State Bank of India (SBI) offers a range of banking products and services to corporate and retail customers.

SBIePay provides complete, simple and secure online Payment Gateway Services, with a real-time Credit Card, Debit Card, Net Banking and Mobile Payment transaction validation process. This enables e-Commerce websites to sell products and services online, and accept payments in real-time.

SBI ePay

SBIePay has the following core functionalities as provided by the SBIePay Site.

  1. A simple workflow based new merchant/biller creation.
  2. Every merchant upon registration receives a MID ? Merchant Identification, Admin user access to merchant account and password.
  3. Merchant can change transaction password for high valued transaction.
  4. Merchant can add/modify/delete bank accounts, with minimum one active account.
  5. Merchant can add various channels to allow their customers to transact ? Kiosk, ATM, IVR, e-Commerce, Mobile, Aadhar, POS, etc.
  6. Various payment modes can be added from among Credit Card, Debit Card, Cash/Prepaid Card, ECS, IMPS, e-Commerce, M-Wallet, Aadhar, IVRS, etc.
  7. Merchants can add products/segments on daily basis and in a dynamic nature.
  8. Merchant can access/download various reports viz. Order Enquiry, Transaction Report, MIS account summary, Settlement report, MIS invoice history, Success/Failure report.
  9. Merchant can initiate refund based on a request.
  10. Merchant can authorize/decline credit and debit card transactions and perform refund for transactions performed for his account.

As of now SBI ePay has 8 partners and is focused on expanding to 40 other partner banks. The payment gateway services is growing with the expansion of online payments in India. Last year eCommerce giant Flipkart has started their own payment gateway services PayZippy. We need to wait and watch how the existing payment gateway services like CCAvenue, EBS, PayU, Times Money, Zaakpay will match the competition. I hope the competition will benefit the companies using payment gateway services like eCommerce and will add to their revenues.

**Updated as on Nov 27, 2014

The email which I received fromSBI ePaycustomer support:

Greetings from SBIePay, a safe and secured platform of multiple payment gateways !!
We SBIePay, the only payment Aggregator services offered by a Bank in our country!!!
We thank you for showing interest in our Aggregator services. SBIePay is an one point online solution, facilitating the transactions through all types of channels i.e., Internet Banking, Debit/ Credit Cards (VISA, Master, Maestro, Rupay, Amex) and IMPS.

Please visit our website for getting all our details.
If you are interested in integrating your online business with our SBIePay, please login to our website and arrange to submit Merchant Information Form online by clicking Merchant and Sign Up under the New user login panel. On submission of the required details, a reference number shall be generated.
Our Sales team will process the MIF i.e., preliminary scrutiny of your web site details, domain details, products details, refund policy, payment flow and contact details and shall be in touch with you to take forward. The requirement of documents and the details of pricing will be intimated to you on preliminary verification of MIF only.