SBM Bank taps Mastercard SendTM for faster, smarter payments solution for customers across India

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SBM Bank (India) Ltd and Mastercard today announced a partnership to revolutionize domestic and cross-border payments and remittances through Mastercard SendTM. SBM Bank India customers will be able to make real-time* domestic business-to-consumer (B2C) transfers quickly and efficiently using Mastercard SendTM.

Remittances and payments businesses have become the cornerstone of SBM Bank India’s growth strategy. As banking evolves to become more personal, platform-agnostic and always-on – the Bank has been leading the collaboration narrative to access the best-in-class solutions with its switching partner, YAP. Mastercard Send™ plays a key role in diversifying Mastercard’s payment flows and enhancing payment experiences for customers.

Commenting on the partnership, Neeraj Sinha, Head-Retail & Consumer Banking, SBM Bank (India), said, “We are committed to offer banking solutions for smarter tomorrow to our customers each day. Towards this, we have always believed in partnering with the best companies. It is my pleasure to collaborate with Mastercard to offer Mastercard SendTM – a secured and innovative solution – crafted to modernize domestic and cross-border payments and remittances.”

Benjamin Gilbey, Senior Vice President, Digital Payments and Labs, Asia Pacific, Mastercard said, “The partnership with SBM Bank Ltd, powered by Mastercard Send™, allows their customer base to offer quick, convenient and secure payments experiences. This partnership is another example of how Mastercard SendTM is providing innovative new solutions for people all around the world, enabling them to send and receive money, when, where and how they choose.”

Vikas Varma, Chief Operating Officer, South Asia, Mastercard said, “As India continues to evolve as a digital economy, there is a need for simple, safe, and real-time solutions that allow merchants, businesses and consumers to make and receive payments. Mastercard SendTM addresses this need and provides an unmatched experience. Mastercard’s partnership with SBM Bank India allows customers to experience the ease of transferring money that this technology offers.”

Madhusudanan, Co-Founder, YAP said,” In the mobile first world, safe, secure and reliable transactions are imperative to the adoption of digital payments, Mastercard Send is a shining example exemplifying the same, we are glad to be powering this for SBM Bank and its partners as part of our API platform.”

*Actual posting times for approved transactions will depend on the receiving financial institution