SBI, PayPal ink pact for enabling cross-border transactions

Country's largest lender State Bank of India today signed an MoU with digital payments company PayPal for facilitating cross-border transactions.

SBI Managing Director and Group Executive (national banking) B Sriram said the pact will help its nine lakh SME customers make such transactions in a safe and secured manner.

Initially, he said, the MoU aims at facilitating cross- border transactions after which domestic payments would be covered.

Subsequently, SBI would look into e-governance areas like e-visas, e-travel documents, he said.

The facility would also be available to SBI debit card holders.

PayPal has presence in 203 countries and processes 11.5 million transactions every day.

Later, the company would also look at the e-commerce and m-commerce space in India, he said.

PayPal has development centres in Bangalore and Chennai.