India’s largest public sector lender, State Bank of India (SBI) has signed memorandum of understanding (MoU) with e-commerce giant Amazon. The MoU seeks to identify and tap the potential areas of collaboration for payments and commerce solutions between both signatory parties.
Through this tie, SBI is seeking to enrich customers’ payment experience and opening up the windows of e-commerce to its small and medium enterprise (SME) customer’s base which is the largest in the country.
While e-tailers like Amazon are set to gain even if a percentage of SBI’s SME customers after they adopt the online payment platform for their businesses.
SBI is also looking to tap Amazon’s expertise and talent in order to connect potential buyers and sellers, along with efficient ways of sourcing raw materials for existing customers.
SBI is also seeking to ink similar agreement with other e-commerce players such as Snapdeal and Paypal for similar payments and commerce solutions.