State Bank of India has launched 'SBIePay' a payment intermediary, which will have electronic connectivity with various Banks/ financial institutions and merchants, thus facilitating e-Commerce/ m-Commerce transactions between merchants, customers and various financial institutions for all kinds of payments.

The new service will go a long way in providing payment facilities to a large number of customers performing online transactions. SBIePay is also in the process rolling out Electronic Bill Presentment and Payment platform (EBPP) and IVRS for making payment over phones.

During the last couple of years, electronic payments in India have grown at a rate of around 32% (2008-2012) i.e., from Rs 154 billion to 473.49 billion. Apart from online travel industry, E-tailing is gathering substantial momentum. The share of the multiple channels of online payment industry is also moving rapidly.

Though debit card and internet banking (direct account debit) together form around 45% of the transactions, 43 % of transactions are still processed through Credit Cards. Cash on Delivery (COD) comprises around 40-60 % of transactions within e-Tailing. IVRS market mainly consists of teleshopping network, travel and Insurance segments. 

Shares of the bank gained Rs 7.05, or 0.43%, to settle at Rs 1,651.80. The total volume of shares traded was 349,245 at the BSE (Thursday).