State Bank of India (SBI) decided to close the SBI Buddy App in the time span of two months. Three other services along with this are subject to the discontinuance.
State Bank of India launched the SBI Buddy app back in 2016 to promote the use of digital payment gateways but the response was not that great until the demonetization move by the Government. After demonetization, the trend o the digital banking was high on demand and people realized the need for this payment system. SBI being the best banking service provider becomes highly popular amongst people. People from all over India started downloading the app to use it and the USP of this product is that it does not need any bank account with SBI. SBI Buddy has a customer base of 12 million users.
SBI Buddy E-Wallet
SBI Buddy E-wallet previously known as eRupee Wallet is used to pay money from one wallet to other without involvement of the traditional bank system. This payment method is called payments banking. This ecosystem is different from the traditional banking system and requires only the mobile number and a KYC Document to register and use. SBI Buddy Is free to use the app and is available to download from Google Play Store or Apple Store for Android and iPhone respectively. One of the USP of the E-wallet by SBI is that it is available in 13- different languages best for the Indian market as India is a multilingual country.
Why Closing the SBI Buddy App?
SBI Buddy app is an app with a huge customer base of 12 million users and is one of the leading digital wallet apps in the market. Despite such a huge customer base, SBI decides to close down the service to promote a new Digital wallet named SBI YONO (You Only Need One) which stands for the name of the acronym. SBI Buddy only provided services as a digital wallet, not as a banking app but the SBI Yono is for all the service that the bank offers like mobile banking, digital wallet etc.
What to do if I have an account Balance with SBI Buddy?
Since the notification by the SBI bank on the closer of the SBI Buddy app the people who have an active Buddy account with a balance in it are wondering where their money will go if the service shut down. This is not yet revealed by the SBI but soon they will. As a responsible person, you should transfer your money to some other medium. The best medium to transfer your money is a bank account. Below I have provided the process through which SBI Buddy can transfer money to your bank account.
How to Transfer Money from SBI Buddy Wallet to Bank Account?
You can transfer the SBI Buddy app to any bank account but paying a service charge which comes out to be 3.54%. Steps to transfer the money from SBI Buddy to a bank account are-
- Login to your SBI buddy language
- After login, Home screen will appear, click on the “Send Money” Option.
- Now on the second screen “Send to Bank account” option will appear to select it.
- Two options will be displayed
- Using IMPS-MMID Code
- Using IMPDI-IFSC Code
- Select from the above options and enter details and amount
- Enter PIN Number and confirm the transaction.
SBI YONO App
SBI YONO is a Digital Wallet app released on November 2017 and it already has a huge customer base and is speculated to increase, SBI planning it to increase it by 250 million by next two years. This app provides all the banking as well as digital wallet services in one app. The download link for both Android and iPhones devices are given below.
After the decision of the SBI to discontinue the service it is best in the interest for you to switch from SBI Buddy to SBI YONO for your daily payment Banking.