TNI Bureau: The State Bank of India (SBI) has launched a mobile wallet service to increase more customers offering them the services like funds transfer, DTH recharge and bill payment. The Mobicash Easy will be initially available in Mumbai and Delhi. Later, the service will be rolled out in other cities.

The Mobicash Easy will offer the services like balance enquiry, mini statement, funds transfer, mobile top-ups, DTH recharge, and bill payment. It would target migrant labourers and youth to use the wallet service.

The bank has been offering several services like internet/mobile banking through which the customers need not to stand in queue for cash deposit. The ATM service also allows them to withdraw and transfer money from their accounts. All the transactions are being done through the internet banking sitting at home.

The internet banking service was launched in 2009 and around 54 lakh users as of today across country and about 10,000 users are new users per day.

The bank is planning to launch a KYC (know your customer) enabled mobile wallet service with higher transaction limits.