One of India’s biggest banks, the State Bank of India (SBI), has blocked its customers from transferring money to their Paytm wallets, rather recommending they use the banks own wallet, the State Bank Buddy, according to Mashable.
This is likely a move to capitalize on changing digital payment habits in the country — digital payments have grown by over 400% since demonetization — which is a result of the country removing 500- and 1,000-rupee banknotes from circulation in early November.
The bank has a major user acquisition channel that could boost its mobile wallet in post-demonetization India.
the State Bank Of India (SBI) has said No to the Paytm Wallet. According to the official Twitter account of SBI, people using SBI’s Internet banking can no longer transfer money to their Paytm wallets. Instead, it recommends its user to use ‘State Bank Buddy mobile’, its own wallet.
The development came to light when a Twitter user posted on the social networking site about his inability to transfer money into his Paytm wallet.